Durban - Liquidators of the VBS mutual bank are knocking on former president Jacob Zuma’s door demanding that he honour his debt with the bank, but an accounting analyst says he may argue that the bank was lending recklessly.
The R7.8million loan was met with outrage and the bank was accused of reckless lending, but it stood its ground saying it had conducted thorough due diligence on Zuma’s affordability. The trust is currently facing a court battle over rental agreements with some residents in KZN. It is also facing pressure to disband, with those opposing it arguing that permission to occupy does not grant residents total ownership of the land.
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