Legal Articles and Guides
Mysterious anonymous investors from Limpopo, Saudi Arabia and the UAE, as well as one of Botswana’s richest politicians, are allegedly all separately poised to spend hundreds of millions of rands to save and take control of the controversial Habib Overseas Bank.
Standard Chartered (StanChart) and the African Banking Corporation (ABC) are challenging a decision by the Gauteng High Court (Johannesburg) that found the banks colluded to breach a debt-restructuring agreement that spelt the death of then JSE-listed Blue Financial Services (Blue) in 2013.
Cybercrime was, once again, the topic under the spotlight when Gauteng High Court (Johannesburg) Judge Motsamai Makume found there was a duty on a financial service provider to protect its clients against cyber fraud which, in the case of the Rotary Club of Rosebank, was the victim of the crime.
British multi-national bank Standard Chartered has admitted to its role in manipulating the dollar-rand exchange rate and has agreed to pay an administrative penalty of R42.7m, ending roughly eight years of litigation with SA’s competition authorities.
FNB could face a R50m lawsuit for allegedly discriminating against its black customers by charging them too high interest rates on Saambou home loans.
Sudanese businessman Hazim Mustafa told the SA Reserve Bank (SARB) he was driven to Cyril Ramaphosa’s Phala Phala farm in a limousine and claimed the $580 000 in cash he gave to the President’s staff was a deposit to show he was ‘serious’ about buying 20 buffalo.
The Financial Advisory and Intermediary Services Ombud, which handles disputes in the sector, put more than R39m back into consumers’ pockets over the past financial year, reports the Mail & Guardian.
Two former officials of a Limpopo municipality and a commissioning agent for VBS Mutual Bank who allegedly invested R150m of municipal funds into the mutual bank – which was never repaid – appeared in the Lebowakgomo Magistrate's Court this week.
The Independent Regulatory Board for Auditors (Irba) wants chartered accountant Gareth Ducler Des Rauches – who looted a deceased estate of more than R17m – banned from practising for life, calling his conduct unbecoming of what is expected in the profession.
City Press has revealed details of a massive Ponzi scheme it says is worthy of infamous Wall Street scamster Bernie Madoff.
Grindrod Bank is facing a R100m lawsuit from a company that was defrauded by an entity called Nat Industries in a case a Business Day report says will go far in determining the legal liability of companies that become aware of fraudulent activities and fail to report them to law enforcement.
Craig Warriner, a trustee of BHI Trust, handed himself over to authorities last week before appearing in the Palm Ridge Magistrate's Court (Johannesburg) over a suspected investment fraud involving numerous people.
The Ombudsman for Banking Services (OBS) has warned that the repossession of vehicles by banks is on the rise due to the prolonged heightened cost of living, resulting in motorists falling behind with their vehicle finance repayments.
Former Thulamela municipality manager Hlengani Maluleke has been sentenced to five years in jail, suspended for the same period, for his role in the approval of an unlawful investment of municipal funds in VBS Mutual Bank.
Bank and wealth management company Sasfin Holdings has missed the cut-off for releasing financial statements and stands to be suspended from the JSE should it not release them by the end of October, the local bourse says.