Easy, he picks up the phone and calls the Guptas.
No, we joke, because the Zuma family have nobly decided to turn down donations from benefactors and ANC members.
JZ will front up and pay the R7,8 million for Nkandla in a rather different fashion – a home loan. And what property is he going to obtain that loan on? Come on, you know where this is going.
City Press with the details:
Zuma’s family has been at the centre of efforts to secure the loan on their Nkandla property with VBS Mutual Bank, which prides itself on being the only black-owned bank in the country…
One of the options on the table was for Zuma to refinance the property that has increased in value owing to the R246 million in security upgrades paid for by the state.
“The house was bonded when it was still small,” said a highly placed source. “Now it [has been] upgraded.”
So why have the family chosen against receiving donations from rich benefactors wanting to carry favour with Zuma?
If Zuma’s bill were settled by donors, it would expose him to donations tax. He would also have to declare who they are in terms of the code of executive ethics. Politically, it would pose questions about what the benefactors gained in return, which would never go away…
[Zuma’s lawyer Michael] Hulley said Zuma acknowledged that there were those who wanted to help him pay, but “out of respect to the process of the Public Protector and the ruling of the court the president is going to have to settle that on his own”.
Ag thanks man JZ, very thoughtful of you.
Zuma first applied for a home loan from FNB back in 2001, when the Nkandla property was valued at around R700 000. Not a bad return on that investment, given that the R246 million spent on upgrades would have bolstered that value.
In fact the Zuma family could turn a serious profit – just read THIS for the lowdown.
Jacob will first have to settle any outstanding fees on that FNB loan before he can receive another from VBS Mutual Bank, but something tells me he’ll manage to do that just fine.
[source:citypress]
