It looked like a win for the rule of law this week when the Pietermaritzburg high court ordered that VBS Mutual Bank tries to get back some of the R7.8 million mortgage loan that former president Jacob Zuma defaulted on after he was ordered to pay back some of the R250 million used to do upgrades on his Nkandla homestead.
If Zuma is unable to pay back the money then the bank will seize his assets but Tom Eaton points out that it will only apply to moveable assets due to FW de Klerk signing over the land to the Zulu monarchy days before the first democratic elections.
It’s a strange saga where an ANC president is saved from homelessness due to a legal framework set up for a Zulu king by an apartheid president, writes Eaton.
Times LIVE argues that the ruling is good and should be applauded as it sends a clear message that no one is above the law and if you are to default on your payments you will be held accountable for those actions.
But the publication wonders just what the court sheriff will include in the inventory of moveable assets found on Nkandla and whether various gifts from heads of state will be included on the list.
While the moveable assets will go some way to recouping some money, it surely can’t be enough to recoup all of the outstanding loan plus interest that Zuma owes.
Here’s what else we’re reading today:
Pieter du Toit | SA’s treasure: If it wasn’t for Madonsela, no arrests for Transnet cartel – News24 (for subscribers)
ROB ROSE: Steinhoff’s CFO, a handwritten invoice and a R376m con – Financial Mail (for subscribers)
EDITORIAL: Walmart’s plan to unlock value in Massmart is tinged with pain – Business Day (for subscribers)
NATASHA MARRIAN: ANC–DA marriage is best for stability in 2024 – Financial Mail (for subscribers)
TOBY SHAPSHAK: Communications minister’s weird attack on Telkom – Financial Mail (for subscribers)
Mr President, you need to clear the air – and your name – The Citizen (for subscribers)
Unconvincing Ramaphosa should have opened up about Phala Phala issue – The Citizen (for subscribers)
Image Credit: GCIS
