Banxso sues Moneyweb and GroundUp for millions
Online trading company Banxso has had summonses served on GroundUp, which along with Moneyweb, has alleged that the company’s practices are questionable, GroundUp reports.
The news outlet alleges there have been several reports of people losing their life savings through Banxso.
The FSCA provisionally withdrew Banxso’s licence in October after months of investors’ complaints. Two summonses have been served at the GroundUp office.
In the first summons a Baxso director is the plaintiff.
‘The defendants are Moneyweb, Ryk van Niekerk, the editor of Moneyweb, and Tori Newby, the journalist who wrote the article for GroundUp,’ according to the publication.
The director Warwick David Sneider is suing for defamation over two articles.
The first one was written by Van Niekerk and Sneider is demanding a R7.5m. The second story was written by Newby and Sneider wants R5.8m for that piece.
In the second summons the plaintiff is Afrimarkets, where Banxso’s directors Sneider and Harel Adam Sekler are also directors.
The defendants are the same with the addition of GroundUp and not just its journalist.
Afrimarkets also targets two articles, one by Moneyweb for R5m and one from GroundUp for the same sum.
Afrimarkets alleges that readers would understand that it is associated with Banxso.
GroundUp says it stands ‘by the contents of our article and look forward to meeting the plaintiffs in court'.
Article disclaimer: While we have made every effort to ensure the accuracy of this article, it is not intended to provide final legal advice as facts and situations will differ from case to case, and therefore specific legal advice should be sought with a lawyer.
