Truth Finally Out! The Guptas Financed The R5.2-million Plush Property Belonging To The First Lady, Bongi Ngema-Zuma

Amabhungane and Scorpio revealed on Tuesday how the Guptas, through companies registered in Duduzane Zuma’s name, paid about R4.5-million towards the purchase price of R5.2-million.

FILE: President Jacob Zuma, accompanied by first Lady Bongi Ngema-Zuma arrive in Davos, Switzerland, for the World Economic Forum. Picture: GCIS

 

The Guptas and Zumas have denied that the property was bankrolled by the controversial family.

Bank records and budgets which have emerged in the Gupta leaks show that on the day the deeds office effected the property transfer, the Guptas’ Islandsite Investments paid a R1.15-million down payment to Ngema-Zuma’s Sinqumo Trust.

R3.84-million of the property purchase price was a bond from the Indian bank of Baroda.

That bond was serviced with monthly payments of R65,000 transferred from Duduzane’s Mabengela Investments.

The young Zuma’s account was floated by payments from both the Guptas’ Islandsite and Oakbay companies.

Perhaps most alarming, is that some of the monies transferred to Mabengela, which paid for the president’s wife’s house, were the proceeds of kickbacks for securing Transnet tenders.

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