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Cryptocurrency investors in the ill-fated Rawlins Trust will have to wait a while longer for settlement of the trust’s affairs, after Eastern Cape High Court (East London) Judge Bantubonke Tokota granted Richard and Marise Rawlins leave to appeal a narrow but significant issue in his winding-up order for the trust.
Lawyers for Viceroy Research, the short-seller that was fined R50m by the Financial Sector Conduct Authority (FSCA), have written to regulators accusing them of ‘scurrilous’ behaviour and demanding they hand over certain information within 24 hours.
Viceroy Research has vowed to appeal a R50m fine imposed by the Financial Sector Conduct Authority (FSCA) over a 2018 report on Capitec.
In a scathing judgment, North West High Court (Mahikeng) Judge Andre Petersen has thrown out FNB’s bid to hold an unemployed Vryburg man, Godfrey Kgethile, responsible for its losses – plus interest – amounting to R2.9m lost to a scammer who had persuaded Kgethile to reveal his bank details after telling him he had won a lottery.
Creditors who lost billions will get very little if Steinhoff is not liquidated, while lenders who bought debt after the fraud was exposed will make considerable profits when they are repaid in 2023.
The Public Investment Corporation (PIC) has hit back at ZAR X, the alternate exchange in which it holds a 24.14% stake, for implying that the suspension of its licence was due to the state-run investor’s failure to approve an international investment in the platform.
Almost R120m in hard cash was looted from ATMs and banks during the bout of civil unrest which swept across parts of Gauteng and KZN in mid-July.
Lawyers and their firms have been warned that they could face disciplinary action and administrative penalties of up to R50m for failing to comply with the Financial Intelligence Centre Act.
You find the house of your dreams, agree on the price and get ready to put pen to paper. The house is in the name of a company, and you are offered a choice – either buy the house out of the company or take over the company (which owns the house and nothing else) by buying the shares and thus avoid the delay and cost of a normal property transfer and registration in the Deeds Office.
Collapsed bitcoin scheme Mirror Trading International (MTI) was placed in final liquidation this week by the Western Cape High Court, according to Moneyweb.
Lawyers for the Cajee brothers, who ran a cryptocurrency investment platform from SA that regulators suspect of being a Ponzi scheme, said their mandate to assist them has been terminated, according to Fin24.
Dozens of former VBS Mutual Bank employees are heading to the Constitutional Court to claim R230m from global professional services firm KPMG for misstating the financial statements of the now-defunct financial institution, according to a report on the IoL site.
The Bank for International Settlements (BIS) says it does not provide financial services to private individuals or companies and that its name, logo and address are misused sometimes in fraudulent schemes, notes a TimesLIVE report.
The Gauteng High Court (Johannesburg) yesterday ruled that the application brought by AYO Technology Solutions to prevent FNB from closing its accounts will not be heard on an urgent basis.
Hawks head Godfrey Lebeya has confirmed that ANC veteran and businessman Tokyo Sexwale has lodged a complaint with it regarding claims that billions of donor funds were stolen at the SA Reserve Bank (SARB) over a period of four years.
Some unions, business organisations and political parties have slammed the decision of First National Bank (FNB) to shut down the accounts of AYO Technologies and accused banks of being players in the country’s factional politics, rather than protecting jobs, says reports in Independent Media newspapers at the weekend.
AYO Technology Solutions, the company indirectly controlled by Iqbal Survé, has filed an urgent High Court application to stop FNB from terminating its transaction banking facilities, it said yesterday evening.
The Johannesburg Commercial Crimes Court has rejected the guilty plea of an admitted R11.6m pyramid-scheme fraudster, who allegedly swindled 11 unsuspecting people over a seven-year period, says a Mail & Guardian report.
VBS Mutual Bank has completed the transfer of guaranteed retail deposits to Nedbank, giving depositors little more than three months to collect money guaranteed to them based on an agreement between relevant authorities, says a BusinessLIVE report.
Absa has cut ties with 24 companies directly or indirectly controlled by Iqbal Survé’s Sekunjalo Investment Holdings.