JOHANNESBURG (Reuters) - South Africa's President Jacob Zuma used the proceeds from a home loan from VBS Mutual Bank to pay back 7.8 million rand (£404,143) for non-security upgrades to his private Nkandla home, the presidency said on Monday.
In a statement, the presidency said VBS Mutual Bank is one of the few financial institutions which offer home loans in respect of land owned by traditional authorities.
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