VBS Mutual Bank not sharing any details on Nkandla
The bank that financed President Zuma's almost R8-million settlement paid to settle funds owing on non-security upgrades to his private home in Nkandla says the details pertaining to the loan will not be available to the public.
The CEO of VBS Mutual Bank from whom President Jacob Zuma received a loan to help him pay back R7.8-million for non-security upgrades at his Nkandla home says no details of the loan will be made known.
In an exclusive interview on Power FM's Power Business show, VBS Mutual Bank CEO Andile Ramavhunga said the scrutiny that has followed the news of the bank loaning Zuma the money had caught him off-guard.
"We did expect a bit of publicity, but the publicity we have received in the past two days has just been overwhelming. Some of it negative, some of it positive."
President Zuma has paid over the amount of R7 814 155.00 to SA Reserve Bank as ordered by the @ConCourtSA in respect of #Nkandla
— South African Gov (@GovernmentZA) September 12, 2016
The bank has been in operation since 1982 and started with a customer base of residents from the then republic of Venda as clients, specialising in home loans.
When asked about what details could be shared regarding the transaction with Zuma, Ramavhunga said that he could say "pretty much nothing" due to client confidentiality clauses.
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He denied that political influence played any part in the bank granting Zuma the loan.
According to Ramavhunga, the bank has approved more than R300-million worth of similar loans to other South Africans.