- Former President Jacob Zuma and former SAA chairperson Dudu Myeni were spotted in a Capitec branch in Richards Bay on December 31.
- A bystander said the pair have a bank account with the bank, but couldn’t disclose the reason for Zuma’s visit.
- Zuma is fighting a summons by the liquidators of VBS Mutual Bank to repay a R7.3 million home loan.
- For more, go to Business Insider SA.
Former President Jacob Zuma, who defaulted on his VBS home loan, and former SAA chairperson Dudu Myeni, visited a Capitec Branch in Richards Bay, KwaZulu-Natal, on the last day of 2019.
The branch is roughly 140 kilometres from Zuma’s Nkandla homestead.
Someone who was at the branch on the same day, who spoke to Business Insider South Africa on the condition of anonymity, said Zuma and Myeni, who serves as the chairperson of the Jacob Zuma Foundation, visited the branch on the afternoon of December 31.
The person said Zuma and Myeni already has a bank account with the bank, but couldn’t disclose the reason for their visit.
“Their arrival caused quite a commotion in the branch with several employees and customers hoping to take photos of the President,” the person said.
Capitec Bank has not responded to a request for comment.
On Twitter, users speculated the reason for the duo’s visit to the branch.
I am very confused as Father of RET & WMC will never be on the same room at the same time. Can someone please explain what's going ON here or is it photoshopped?— Tsotetsi Phoba (@TPhoba) January 1, 2020
It can be that but also he might have invested money in the bank as a share holder maybe— Bile (@Oarabile_Bile_x) January 2, 2020
Some accused Zuma of banking with the “Stellenbosch Mafia” as the bank is headquartered in Stellenbosch, and others said there’s nothing odd about the former president visiting the bank.
Ambassador of a stellenbosch mafia bank? His minions would love that— Mogomotsi Leepile (@MogomotsiL) January 1, 2020
So Baba banks with Stellenbosch Mafia??Jannie Mouton’s PSG is the largest and controlling shareholder in Capitec.— vusi (@vmona31) January 1, 2020
The bank is about to get liquidated.....Last time he was at VBS I remember shit happened.— Babu BigB Maseka???? (@bigb_maseka) January 1, 2020
There’s absolutely nothing to feel here, Zuma was at the Bank like any other person in SA— UmZulu Omuhle (@njivana) January 1, 2020
Among his many current legal battles, Zuma is fighting a summons by the liquidators of VBS Mutual Bank for him to repay a R7.3 million home loan.
Zuma obtained a loan from VBS in 2016 to pay back the state for some of the cost of extensive upgrades to his Nkandla homestead.
VBS went in liquidation in 2018 and soon after details emerged that the bank's executives had allegedly stolen, through various schemes, R1.8 billion over several years.
Capitec does not extend home loans itself, but has a relationship with mortgage provider SA Home Loans through which its clients can apply for such loans via its branches.
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