VBS curator given green light to seize Zuma assets
The High Court in Pietermaritzburg has given a green light to the curators of VBS Mutual Bank to seize former president Jacob Zuma's assets in order to recoup an R6.5 million loan.
The order, which was granted on Tuesday, provides the liquidated bank to seize Zuma's cattle, furniture, cars, and other movable assets.
His Nkandla home cannot be touched as it falls under the Ingonyama Trust.
Zuma took the loan in 2016 to repay the money spent on non-security upgrades to his private home in Nkandla, in northern KwaZulu-Natal.
In 2018 the bank was put under curatorship following a damning report by Advocate Terry Motau in the "The Great Bank Heist" report.
The total money the former statesman must pay is R7.8 million as a result of accumulated interests.
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VBS curator Anoosh Rooplal said they are busy with an itinerary list of what should be taken from Zuma's home.
"As the liquidator, our role requires us to pursue and collect all outstanding monies owed to VBS. These include all clients who have been defaulting on paying back their loans and mortgages due to VBS.
"These recoveries are for the benefit of the creditors of the bank. Where repeated attempts to secure payments from clients result in no monies being received, we have no choice but to pursue the legal route in order to recover the money owed to the bank.
"Our next steps are to understand what movable assets can be attached in order to repay this debt. Since the Nkandla homestead was built on community land, we are unable to attach any immovable property in order to repay this debt" said Rooplal.
Meanwhile, the Jacob Zuma Foundation could not be reached for comment.
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