- Zuma makes repayment of 7.81 million rand for upgrade
- President Zuma raised funds from loan from VBS Mutual Bank
South African President Jacob Zuma made the payment ordered by the Constitutional Court for taxpayers’ money spent to upgrade his private home in Nkandla, KwaZulu-Natal province, the National Treasury and the presidency said.
“The money has been paid to the Revenue Fund,” Yolisa Tyantsi, acting spokeswoman for the Treasury, said in an e-mailed response to questions on Monday. The presidency confirmed the 7.81 million rand ($530,000) payment in a separate statement.
Zuma raised the funds for the payment through a home loan from VBS Mutual Bank, whose biggest shareholder is the Public Investment Corp., with a 25 percent stake. The PIC oversees South African government workers’ pension funds among the $124 billion in assets it holds.
The payment was made for non-security-related features, including a swimming pool, amphitheater, a chicken run and cattle enclosure. The nation’s top court ruled in March that Zuma had violated the constitution by not abiding by a graft ombudsman resolution that he should pay some of the more than 200 million rand spent on the residence.