Ithala Bank seeks access to R863m in frozen funds

Ithala Bank yesterday brought an urgent application before KZN High Court (Pietermaritzburg) Judge Muzi Ncube in a bid to access frozen funds to pay staff salaries after the SARB’s Prudential Authority (PA) suspended all activities on the bank’s accounts in January.

Only two employers convicted for pension non-payment

In more than five years, only two employers have been found guilty of not paying the pension fund contributions of their workers.

VBS clients on the ropes

Despite the recovery of R617m in looted funds from VBS Mutual Bank, many clients who invested their savings in the bank have lost most of their money.

Bank client must repay funds transferred in error

Bank transfers made in error are not gifts which can be spent, a judge once again reminded clients who receive unaccounted for money in their accounts.

Postbank blamed for Sassa gold card crisis

Postbank's top brass came under fire from MPs who denounced the entity for its poor planning in preparing millions of SA Social Security Agency (Sassa) beneficiaries to replace their gold cards with the new black cards.

R60bn class action against banks draws nearer

Hundreds of owners who had their homes repossessed – primarily due to missed bond payments – and then sold for a fraction of their true value, may be a step closer to justice as the long-awaited R60bn class action against banks is expected to soon get off the ground.

Banxso attacks law firm in liquidation battle

Banxso has alleged that the actions of Mostert & Bosman, the law firm leading a liquidation application against it, are not in the best interest of its clients, Moneyweb reports.

Ithala claims solvency in bid to remain open

Ithala Bank has revealed its financial details, insisting that it is solvent. The Mercury reports the details are contained in the urgent interdict application which was filed by Ithala last week. In the application, it sought to challenge the decision of the Repayment Administrator (RA) to place a hold on the bank’s activities.

Regulator seeks Ithala liquidation

The Prudential Authority’s (PA’s) patience with embattled KZN-owned development agency Ithala has finally run out, with the regulator seeking the company’s liquidation – in a move to protect more than 250 000 depositors.

Sekunjalo loses Nedbank account closure fight

The Competition Tribunal has dismissed a last-gasp urgent application by Iqbal Survé's Sekunjalo group to force Nedbank to reopen its closed accounts.

Liebenberg bank accounts battle heads to SCA

The protracted legal dispute between the state and Louis Liebenberg over control of the controversial fraud accused diamond-dealer's bank accounts, is set to continue in the SCA on 20 February 2025. 

Banks sign up to Hawks-driven corruption battle

SA’s banking sector has bowed to the Hawks’ request to arm its investigators with specialised skills as they go after money-launderers and other financial miscreants.

Survé moves to force Nedbank to reopen accounts

Bolstered by a Competition Commission finding that the banks that cut ties with the Sekunjalo Group had potentially violated competition law, Iqbal Survé and his companies have launched urgent legal action to force Nedbank to reopen their closed accounts, reports News24.

Leading banks ordered to address high service charges

SA's major banks – including FNB, Standard Bank, Nedbank, Investec, and Capitec – will appear before the Parliament's Committee on Trade, Industry & Competition next year to increase oversight into the financial sector.

A Ponzi scheme in sheep’s clothing

The Financial Sector Conduct Authority (FSCA) has issued a warning against Tiger Agriculture, a pyramid scheme promoted on social media that offers huge returns when people buy seedlings that are supposedly grown to mature plants and then sold.

Banxso wins preservation order fight with NDPP

The Western Cape High Court has taken less than a day to lift a preservation order against R100m in bank accounts linked to controversial brokerage Banxso.

Agreement to blacklist child maintenance defaulters

With 70% of parents defaulting on child maintenance in the first two years of a court order, the Department of Justice and the Social Justice Foundation are going ahead with a plan to blacklist defaulters with credit bureaus.

Cloned Banxso trading despite FSCA clampdown

The controversial trading platform Banxso has cloned its operations under a new brand, AfriMarkets reports Moneyweb.

Embattled Sasfin posts R58.7m loss

Sasfin, which has been trading under threat of JSE suspension over its delayed annual results, yesterday announced it posted a R58.7m headline loss in its year to end June, reports TimesLIVE.

SARB settles Steinhoff R9bn fund dispute

The SARB has settled part of its dispute with the Ibex group of companies, formerly Steinhoff, releasing R9bn to pay foreign creditors that the bank blocked in July.