FF Plus asks National Credit Regulator (NCR) to investigate Zuma home loan

3 April 2017

The FF Plus will continue to search for answers about the loan of almost R8 million to pres. Jacob Zuma to pay for his part of the renovations at Nkandla and has asked the National Credit Regulator (NCR) to determine how the president was granted the loan on his salary, said Adv. Anton Alberts, chairperson of the FF Plus.

Adv. Alberts requested the Public Protector (PP) in August last year to investigate the matter. The PP has now replied that the NCR is in a better position to do the investigation. The FF Plus has requested the NCR to do the investigation.

In terms of the former order of the PP pres. Zuma has to repay an amount of R7,8 million. At an interest rate of only 10% this will be an amount of R75 270 per month with a salary of R2, 8 million per annum before deductions.

The loan was obtained from VBS Mutual Bank, formerly known as the Venda building society.

According to Adv. Alberts it is disquieting that the Public Investment Corporation (PIC) has a share of 25,26% in VBS.

"The FF Plus will not allow the funds of the PIC being used by someone like pres. Zuma for his personal benefit. It is simply not possible that the president with his salary could borrow almost R8 million.

"The FF Plus is determined to get an answer to this and the investigation of the credit regulator will be monitored closely," says Adv. Alberts.

Issued by Anton Alberts, FF Plus Chairperson, 3 April 2017