So what exactly is VBS Mutual Bank?
Known as the Venda Building Society (VBS), this bank has been around since 1982 and has branches in Sibasa, Thohoyandouâ€š Makhado and Johannesburg.
â€” VhaRabe (@vharabs) September 13, 2016
On its website, it is described as being a wholly black-owned specialist corporate finance and retail bank that is registered with and regulated by the South African Reserve Bank, under banking licence 1051.
Who owns the bank?
– 25% is owned by the Public Investment Corporation, which manages government pensions
– 26% by an entity called Dyambeu Investments
– 48% of its shares are simply listed as â€œotherâ€
– 1% is held by an employee share scheme
And the banking business has been good?
According to The Witness, quoting the South African Reserve Bank, VBS had a total equity and liabilities of around R1 billion by June this year, more than R538 million of which is made up of household deposits, while some R254 million comprises mortgages on homes.
So how long is it going to take JZ to pay back the (loan) money?
According to TimesLive, the usual term for a home loan would be over a period of 30 years. This means he would need to pay about R70â€š 000 a month and he currently earns R2.87 million a year.
BTW, what happened to Zumaâ€
City Press, who first broke the story of the VBS loan said Zuma must first settle any outstanding balance on his current home loan with FNB before his home can be refinanced.
And who is in charge at VBS?
Dyambeu investments is actually under the leadership of soon-to-be-coronated Venda kingâ€š Khosikhulu Toni Mphephu Ramabulana. Who, if you remember, was recognised by Zuma as the Venda king back in 2012.
Any smallanyana skeletons in VBSâ€
So there is that.
And then, eyebrows were raised when VBS recently bid to take over the management of the Msunduzi Municipalityâ€
Why the scrutiny over the bank?
Well, the presidentâ€
People will parse #VBSMutualBank‘s ownership, because the idea of black people owning & running anything is so absurdâ€¦
â€” Ottilia Anna M (@MaS1banda) September 13, 2016
SAns talk about how you want small businesses to thrive. When they do business you question their capability. ðŸ˜¡#VBSMutualBank
â€” Vusi Thembekwayo (@VusiThembekwayo) September 12, 2016
You said you want to support black businesses, well here you go:
â€” Sikelela Matandela (@ForeverShakes) September 13, 2016