‘Zuma son sued for R5m’
NEWS / 25 Nov '12, 10:45amBy: SAPA
Edward Zuma, the son of President Jacob Zuma, is being sued by a state-owned development back for defaulting on a R5 million loan, the Sunday Times reported.
Ithala Development Finance Corporation was established to provide loans to struggling small businesses and entrepreneurs in KwaZulu-Natal.
Edward Zuma. File photo by Sandile Ndlovu. Credit: INDEPENDENT NEWSPAPERS
It confirmed it had drawn up court papers to recoup the money from Zuma, the paper reported.
He apparently defaulted on two loans, one worth R4.4 million and another of R512,000.
“He is struggling to pay his debts just like any other South African,” Zuma's lawyer, Siphiwe Mncwango, was quoted as saying. - Sapa