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Judge quashes banks strike, but appeal likely

The Labour Court in Johannesburg has quashed what would have been the biggest banking strike in 99 years, by ruling the planned protest action was unlawful.

Court clash as banks shutdown looms

By Juta and Company (Pty) Ltd Published on Wednesday, 25 September 2019
Tags: #Banking & Finance Law #Employment and Labour Law #Litigation
Business Unity SA (Busa) is going to court in a bid to stop finance union Sasbo, a union federation Cosatu affiliate, from embarking on a total shutdown of the banking sector from Friday, the Banking Association SA (Basa) said, according to Business Day.

Class action planned against online loan company

By Juta and Company (Pty) Ltd Published on Wednesday, 25 September 2019
Tags: #Banking & Finance Law #Business & Industry Law #Litigation
Stellenbosch University’s Law Clinic is to launch a class action suit against Lifestyle Direct Group International, its affiliate websites – including Loan Locator, Loan Choice, Loan Picker and Loan Quest – and its collection firm, Lifestyle Legal, on behalf of the thousands of SA loan seekers who were allegedly duped by those sites.

VBS bid to recover money set for today

By Juta and Company (Pty) Ltd Published on Friday, 20 September 2019
Tags: #Banking & Finance Law #Insolvency Law #Litigation
The Gauteng High Court (Johannesburg) will hear today from the liquidators of VBS Mutual Bank who are attempting to recover more than R4.2m owed by Brian Shivambu's company Sgameka, and to have it liquidated.

Former VBS boss to appeal against sequestration

By Juta and Company (Pty) Ltd Published on Friday, 13 September 2019
Tags: #Banking & Finance Law #Insolvency Law #Litigation
CEO of Vele Investments and former VBS Mutual Bank COO Robert Madzonga has instructed his lawyers to appeal against a final sequestration order.

Now IDC threatens to sue Moyo

By Juta and Company (Pty) Ltd Published on Monday, 02 September 2019
Tags: #Banking & Finance Law #Litigation
Peter Moyo’s NMT Capital, the company at the centre of his conflicts with Old Mutual, is facing a claim of more than R150m from the Industrial Development Corporation (IDC), according to Business Times.

Brian Shivambu to pay back VBS money

By Juta and Company (Pty) Ltd Published on Friday, 30 August 2019
Tags: #Banking & Finance Law #Insolvency Law #Litigation
Brian Shivambu, in his personal capacity, must pay back R1.78m owed to VBS Mutual Bank, the Gauteng High Court (Johannesburg) has found, according to a Daily Maverick report.

NPA welcomes bank card skimmers’ convictions

By Juta and Company (Pty) Ltd Published on Friday, 30 August 2019
Tags: #Banking & Finance Law #Criminal Law
The Hawks claim they have swooped on crooks who skim and clone credit cards, says a Cape Times report. The Hawks added sophisticated card fraud syndicates and scammers have been dealt a blow following convictions led by its ATM Task Force and Serious Commercial Crime Investigation Unit.

Assets of ex-VBS bosses to be seized

The final two directors of VBS Mutual Bank have been finally sequestrated, Netwerk24 reports. Liquidator Anoosh Rooplal announced that the Gauteng High Court (Johannesburg) dismissed the challenges of former operations head Robert Madzonga, former chief executive Andile Ramavhunga, and his wife Zanele, to their provisional sequestrations.

Can Your Bank Take Your Money Without Permission?

By Ashersons Attorneys Published on Thursday, 01 August 2019
Tags: #Banking & Finance Law #Litigation #National Credit Act Law #Property Law
Is your bank entitled to clean out your current account’s credit balance – with neither notice to you nor your permission – to settle a separate debt you owe it?

Banks facing mortgage arrears challenge

By Juta and Company (Pty) Ltd Published on Friday, 26 July 2019
Tags: #Banking & Finance Law #Litigation
Last week’s 0.25% per annum interest rate reduction extinguished the arrears on tens of thousands of mortgage bonds. That, says a Moneyweb report, is the claim being made by several property owners in cases before the courts involving multiple banks.

R1.6bn of councils' VBS investments lost

By Juta and Company (Pty) Ltd Published on Thursday, 27 June 2019
Tags: #Administrative Law #Banking & Finance Law #Ethics
Auditor-General Kimi Makwetu yesterday said more than R1.6bn of the R2bn invested by municipalities into VBS Mutual Bank cannot be recovered. Makwetu, reporting on the audit outcomes of municipalities for the 2017/2018 financial year, described the non-recovery of public funds invested in VBS as a classic example of the 'impact of deteriorating accountability' in municipalities.

Cape Town company ordered to pay back investment

By Juta and Company (Pty) Ltd Published on Thursday, 20 June 2019
Tags: #Banking & Finance Law #Litigation
In what a Business Day report says is yet another ruling against Silver Seed Capital, the ombud for financial services providers Naresh Tulsie has ordered the Cape Town business and its director Sandro Manuel Azevedo Veloza to pay back the full amount invested by Dr Molehi Walter Kgaile.

R1.6bn in debit order scams uncovered

By Juta and Company (Pty) Ltd Published on Monday, 03 June 2019
Tags: #Banking & Finance Law #Criminal Law
An extensive investigation into debit order scams involving the country’s major commercial banks has revealed the existence of organised crime syndicates seemingly operating on a massive scale, says a Fin24 report. The investigation involves the entire financial industry, as well as the Hawks, the police and SARS.

No record of R4bn investment in oil firm

The Public Investment Corporation (PIC) has no trace of documents to show how and why it invested almost R4bn into an obscure oil company with links to the ANC and former President Jacob Zuma, according to a Business Day report.

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