VBS Bank insists its dealings are legitimate amid questions around Zuma’s loan
VBS bank lent President Jacob Zuma R7.8 million to pay for the non-security upgrades to his Nkandla home.
PRETORIA - While VBS Mutual Bank says it will not discuss its business dealings around its customers, it has assured the public that it only lends to qualifying individuals.
The Constitutional Court ruled in March that the president had failed to uphold, defend and respect the Constitution after he ignored the public protector's recommendations that he pay back some of the money for the upgrades.
LISTEN: How to qualify for a R7.8 million loan.
VBS Mutual Bank Chief Executive Andile Ramavhunga says the institution will not under any circumstances release information about its clients.
However, following unprecedented public interest after it emerged President Zuma had secured a loan, Ramavhunga has addressed several questions about the loan process and shareholders.
He says the usual processes and conditions apply to all their clients, irrespective of who they are.
Ramavhunga says the Public Investment Corporation has been a shareholder since 1982.
He adds that while Dyambeu Investments led by the VhaVenda king, is a significant shareholder, it does not participate in the governance structures of the bank.
The Democratic Alliance, Economic Freedom Fighters and Congress of the People have asked Zuma to present to Parliament proof of the loan and its repayment conditions.
Take a look at EWN's special feature on Nkandla.