{"id":73518,"date":"2024-09-10T17:25:00","date_gmt":"2024-09-10T17:25:00","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/do-you-believe-simelane-took-a-loan-from-vbs-adviser-because-she-did-not-have-many-options"},"modified":"2024-09-10T17:25:00","modified_gmt":"2024-09-10T17:25:00","slug":"do-you-believe-simelane-took-a-loan-from-vbs-adviser-because-she-did-not-have-many-options","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/do-you-believe-simelane-took-a-loan-from-vbs-adviser-because-she-did-not-have-many-options","title":{"rendered":"Do you believe Simelane took a loan from VBS adviser because she did not have many options?"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>Despite being a mayor in 2016, justice and constitutional development minister Thembi Simelane believed she did not have any option but to take a loan from Gundo Wealth Solutions, which is implicated in the VBS Mutual Bank scandal, to start a business in 2016.<\/p>\n

She was mayor of Polokwane when she took the loan from the company, which brokered investments on behalf of VBS and the municipality. The municipality invested R349m in the bank.<\/p>\n

In a recent interview she cited high interest rates to have been one of the reasons she decided to take a loan from Gundo rather than commercial banks. She said it was difficult to get a loan from commercial banks as an African person.<\/p>\n

\u201cIt is difficult for a person who looks like me to get a loan in the South African economy.<\/p>\n

\u201cIt’s difficult to get a loan and start a business as an African child without any form of assistance. There are so many brilliant dreams and ideas that black young people have, but there’s no financing for them,\u201d she said in an interview with eNCA on Sunday.<\/p>\n

She said she paid back the loan in full with interest in 2020.<\/p>\n

\u201cI made the first payment on that day, October 9 2020. And again on November 12 and the final one, totalling about R849,000 with interest calculated at about 11.2% or so at the time. So in excess of about R250,000 was the interest paid to Gundo,\u201d she said.<\/p>\n

<\/b><\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. Despite being a mayor in 2016, justice and constitutional development minister Thembi Simelane believed she did not have any option but to take a loan from Gundo Wealth Solutions, which is implicated in the VBS Mutual Bank scandal, to start a business in 2016. She was mayor of Polokwane when she took […]<\/p>\n","protected":false},"author":84,"featured_media":73517,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,6],"tags":[274,315,275],"class_list":["post-73518","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nDo you believe Simelane took a loan from VBS adviser because she did not have many options? - South Africa<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/do-you-believe-simelane-took-a-loan-from-vbs-adviser-because-she-did-not-have-many-options\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Do you believe Simelane took a loan from VBS adviser because she did not have many options?\" \/>\n<meta property=\"og:description\" content=\"Africa-Press – South-Africa. Despite being a mayor in 2016, justice and constitutional development minister Thembi Simelane believed she did not have any option but to take a loan from Gundo Wealth Solutions, which is implicated in the VBS Mutual Bank scandal, to start a business in 2016. 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