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'Hurting' Old Mutual ready to settle with Moyo

By Juta and Company (Pty) Ltd Published on Thursday, 05 December 2019
Tags: #Banking & Finance Law #Employment and Labour Law #Litigation
Old Mutual, whose shareholders have lost about R17bn in value since the company first suspended former CEO Peter Moyo, said it may take years before it recovers from the reputational damage caused by the saga.

Ruling directs Magistrate’s Courts to hear NCA matters

By Juta and Company (Pty) Ltd Published on Wednesday, 04 December 2019
Tags: #Banking & Finance Law #Civil Rights #Litigation
A recent judgment by a full Bench of the Eastern Cape High Court (Grahamstown) makes it unlawful for banks to bring National Credit Act (NCA) matters before the High Court instead of the much cheaper Magistrate’s Courts, according to a Moneyweb report.

Grandson of struggle icon ordered to repay R10m

By Juta and Company (Pty) Ltd Published on Monday, 25 November 2019
Tags: #Banking & Finance Law #Litigation
A businessman and scion of a struggle icon’s family accused of using VBS Mutual Bank for unlawful activities has been ordered to repay the R10m he received from a Namibian bank four years ago, says a Weekend Argus report.

FNB closes crypto-currency-linked accounts

By Juta and Company (Pty) Ltd Published on Friday, 22 November 2019
Tags: #Banking & Finance Law
SA crypto-currency exchanges have expressed disappointment over First National Bank’s (FNB’s) decision to close crypto-currency-linked bank accounts, says an ITWeb report.

Jacob Zuma defaults on school fees

By Juta and Company (Pty) Ltd Published on Monday, 18 November 2019
Tags: #Banking & Finance Law #Insolvency Law #Litigation #Property Law
A prestigious KZN school has had to obtain a default judgment against former President Jacob Zuma for his failure to pay school fees of R12 517, Rapport reports.

Hawks poised to act against VBS looters

By Juta and Company (Pty) Ltd Published on Monday, 11 November 2019
Tags: #Banking & Finance Law #Insolvency Law #Litigation
Hawks head Lieutenant General Godfrey Lebeya says he expects imminent action in the case against those responsible for looting the now-defunct VBS Mutual Bank.

Capitec picked out in state capture payback case

By Juta and Company (Pty) Ltd Published on Wednesday, 06 November 2019
Tags: #Banking & Finance Law #Litigation
Capitec Bank will probably have to back down from its attempt to block a R500m settlement that would see Regiments Capital repay money it stole from the Transnet Second Defined Benefit Fund (TSDBF).

Shabangu wins appeal against R82m loan repayment

By Juta and Company (Pty) Ltd Published on Wednesday, 30 October 2019
Tags: #Banking & Finance Law #Insolvency Law #Litigation
The Constitutional Court has found that an acknowledgement of the debt agreement, which bound property mogul Roux Shabangu and a number of other high-powered names to the repayment of R82m to the Land and Agricultural Development Bank is unenforceable, on the basis that it stemmed from a loan agreement that was declared invalid, says a Daily Maverick report.

Cyber attack on Johannesburg and banks

By Juta and Company (Pty) Ltd Published on Friday, 25 October 2019
Tags: #Banking & Finance Law #Criminal Law
The City of Johannesburg reported a breach of its network last night and shut down its website and all e-services, hours after receiving a bitcoin ransom note from a group called the Shadow Kill Hackerr, says a BusinessLIVE report.

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.

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