Zuma pays back R7.8m for Nkandla. Raised funds through PIC-backed VBS Mutual Bank.

Cape Town – Treasury has confirmed that President Jacob Zuma has paid back the R7.8m he owed for upgrades to his private home in Nkandla.

A general view of the Nkandla home (behind the huts) of South Africa's President Jacob Zuma in Nkandla in this August 2, 2012 file photo. REUTERS/Rogan Ward
A general view of the Nkandla home (behind the huts) of South Africa’s President Jacob Zuma in Nkandla. REUTERS/Rogan Ward

A panel of six experts from two quantity surveyor firms helped the National Treasury determine how much Zuma had to pay for the upgrades.

Treasury had recommended Zuma pay R7.81 million rand for non-security-related features, including R2.3m for the so-called swimming pool, R1m for the amphitheatre and R1.2m for the cattle kraal.

The Constitutional Court ruled in March that Zuma had violated the constitution by not abiding by the Public Protector’s recommendation that he should pay some of the money spent on the residence.

Presidency spokesperson Bongani Ngqulunga and Treasury spokesperson Yolisa Tyantsi both confirmed to News24 that the money had been paid, adding that both offices were finalising statements. – News24

Source: http://www.news24.com/SouthAfrica/News/zuma-has-paid-back-the-money-20160912

South Africa’s Zuma makes payment for Nkandla home upgrades

by Amogelang Mbatha

(Bloomberg) — South African President Jacob Zuma made the payment ordered by the Constitutional Court for taxpayers’ money spent to upgrade his private home in Nkandla, KwaZulu-Natal province, the National Treasury and the presidency said.


“The money has been paid to the Revenue Fund,” Yolisa Tyantsi, acting spokeswoman for the Treasury, said in an e-mailed response to questions on Monday. The presidency confirmed the 7.81 million rand ($530,000) payment in a separate statement.

Zuma raised the funds for the payment through a home loan from VBS Mutual Bank, whose biggest shareholder is the Public Investment Corp., with a 25 percent stake. The PIC oversees South African government workers’ pension funds among the $124 billion in assets it holds.

The payment was made for non-security-related features, including a swimming pool, amphitheater, a chicken run and cattle enclosure. The nation’s top court ruled in March that Zuma had violated the constitution by not abiding by a graft ombudsman resolution that he should pay some of the more than 200 million rand spent on the residence.

Visited 306 times, 3 visit(s) today