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Banking & Finance Law
Banking & Finance
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.
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.
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.
Standard Bank closed the bank accounts of the Nova Property Group, the rescue vehicle of the failed Sharemax investment scheme, late last year, according to a Moneyweb report.
Steinhoff's former CEO Markus Jooste received the equivalent of about R34m in bonuses without required approvals in the months before the global retailer almost collapsed. Jooste was awarded €500 000 on 1 March 2017 from Steinhoff’s European unit on his own instruction, according to the company’s 2017 annual report released late on Tuesday.
In these days of online banking and electronic payment, it’s not uncommon to find out to your horror that you have made a payment to someone in error, either to the wrong recipient or in an incorrect amount. If that happens to you and the recipient refuses to pay you back, what can you do about it?
In a case due to come before the Eastern Cape High Court this month, Standard Bank is accused of double charging the arrears amount owed by a mortgage client, resulting in a guest lodge being repossessed and sold at auction for a fraction of its market value, says a Moneyweb report.
Monthly repayments are continuing on former President Jacob Zuma's R7.8m loan from VBS Mutual Bank, meaning he will avoid legal action by the bank's liquidators, according to a Sunday Times report. This was revealed as liquidators from accounting firm SizweNtsalubaGobodo (SNG) Grant Thornton said that anyone who had borrowed money from the bank and had not begun paying it back, or defaulted on payments, would be in their firing line.
Gupta brothers Ajay and Atul have been implicated by an American court in a case about money-laundering involving millions of US dollars by a notorious drug smuggler, investigative journalist Jacques Pauw claims in a Vrye Weekblad report. It says the Guptas’ names were mentioned in grand jury proceedings in New York by self-confessed drug smuggler Vijaygiri Anandgiri ‘Vicky’ Goswami, who has lived in SA at times.
Former President Thabo Mbeki weighed in on the debate about the nationalisation of the Reserve Bank, saying such a move would be pointless, notes a Business Day report. The comments from the former leader, whom the ANC forced out of office in 2008, are at odds with some in the governing party, including President Cyril Ramaphosa, who told Parliament in March that doing away with the bank’s private shareholders would give the country ‘sovereignty’.
The provisional liquidator of the VBS Mutual Bank has approached the courts to recover R2.7m loaned by the bank to cash-strapped businessperson, Brian Shivambu, younger brother of EFF deputy president Floyd Shivambu. A Mail & Guardian report notes the funds are part of a R4m loan facility controversially granted to Shivambu’s company Sgameka Projects by the bank in late 2017.
First National Bank (FNB) yesterday welcomed the judgment delivered by the Equality Court to dismiss the matter relating to allegations of racial discrimination on interest rates by Saambou Bank. According to a report on the IoL site, the court dismissed the matter in its entirety, including the complainant's application to amend their declarations.
A KZN couple has been ordered to repay R862 000, which was deposited into its accounts because of a FNB app ‘malfunction’. KZN High Court (Pietermaritzburg) Judge Trevor Gorven – in a concurring judgment – said the story proffered by Sicelo and Nikita Khopho that they had returned the money, in cash, to a bank manager who had since died was ‘highly improbable’.
The appointment – announced late yesterday – of Edward Kieswetter as the new SARS Commissioner, with effect from 1 May, has already run into controversy, with the EFF, strong supporters of axed Commissioner Tom Moyane, threatening legal action.
A proposed law allowing SOEs to establish banks passed the penultimate hurdle yesterday before being sent to President Cyril Ramaphosa for signature and promulgation, says Business Day. The National Council of Provinces (NCOP) Select Committee on Finance adopted the Financial Matters Amendment Bill, which contains the enabling provision for state-owned banks.