Former President Jacob Zuma is about to lose some of his assets to VBS Mutual Bank.
The Pietermaritzburg High Court ruled that the bank can seize some of the former President’s assets at his Nkandla residence.
This comes after he failed to pay back a R6.5 million loan he took from the bank. He took the loan from VBS to pay for shortfalls at his Nkandla home.
The shortfalls were for the upgrades not covered by the government at his home.
According to the court order, the bank can not seize Nkandla residence because the home was built on the land that belongs to INgonyama Trust.