This is how Zuma will pay back the money for Nkandla
President Jacob Zuma has rejected offers of donations from friends and ANC supporters to pay back the R7.8 million he owes for the security upgrades done to his Nkandla home.
According to a report by the City Press, the president will instead use a regular home loan to pay back the amount.
Citing “family associates and people close to the matter”, the paper reported that the Zuma family is trying to secure the loan through the black-owned VBS Mutual Bank, with discussions at an advanced stage.
However the president will have to settle his current bond first.
Earlier in the year, the Constitutional Court ruled that president Zuma had unduly gained from security upgrades done to Nkandla, and he would have to pay back a reasonable percentage as determined by the Treasury.
Zuma’s lawyer, Michael Hully, said that the president acknowledged the ruling from the Constitutional Court, and was aware that he was personally liable for the amount.
“Out of respect to the ruling of the court, the president is going to settle that on his own,” he said.
Several businesses and supporters had publicly offered to pay off the president’s debt, and had started asking for donations to that end.
However, citing sources within the family, the City Press said that the family was wary of solving the issue in “a political way”, and opted to decline these offers.
The president has until 25 September to pay the bill, amounting to R7.8 million.
The full story can be read in the City Press for 31 July 2016.
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