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Deloitte pays back Eskom R150m of consulting fee

By Juta and Company (Pty) Ltd Published on Monday, 23 March 2020
Tags: #Banking & Finance Law #Litigation
Eskom said on Friday it had reached an out of court settlement with Deloitte that would see the international consulting firm repay R150m of the original fees of R207m it collected from the power utility, according to a report on the IoL site.

Commission in battle for authority over non-SA banks

By Juta and Company (Pty) Ltd Published on Monday, 09 March 2020
Tags: #Banking & Finance Law #Competition Law #Litigation
The Competition Appeal Court has given the Competition Commission 40 days to panel beat allegations of currency manipulation by 16 non-SA domiciled banks into a case that will pass legal muster.

Georgiou pleads poverty amid sequestration bid

By Juta and Company (Pty) Ltd Published on Monday, 02 March 2020
Tags: #Banking & Finance Law #Insolvency Law #Litigation
‘Former’ property magnate Nic Georgiou is facing provisional sequestration, after he failed to pay R12.9m to a former investor in the Highveld Syndication schemes.

Foreign banks can be charged, rules Appeal Court

By Juta and Company (Pty) Ltd Published on Monday, 02 March 2020
Tags: #Banking & Finance Law #Litigation
The Competition Appeal Court has given the Competition Commission the go ahead to re-charge 10 foreign banks with alleged price fixing. A BusinessLIVE report notes the commission first charged local and foreign banks with price-fixing the rand in 2015 and is seeking a penalty of 10% of each banks’ annual turnover.

ConCourt blocks bank's bid for collusion evidence

Standard Bank’s attempts to obtain and review evidence gathered against it in relation to charges of currency manipulation and collusion have been turned down by the Constitutional Court.

Couple to repay bank after app failure

By Juta and Company (Pty) Ltd Published on Friday, 21 February 2020
Tags: #Banking & Finance Law #Litigation
A couple who benefited to the tune of R861 940 because of an error on Firstrand Bank’s Internet banking channel are going to lose their property to compensate the bank.

Bank opposes firm's bid for business rescue

By Juta and Company (Pty) Ltd Published on Wednesday, 19 February 2020
Tags: #Banking & Finance Law #Insolvency Law #Litigation
Embattled East London electronics company Yekani Manufacturing has opted for business rescue to stave off liquidation by Standard Bank, but the bank has moved to oppose the application.

Nedbank loses first round in bond-holder battle

By Juta and Company (Pty) Ltd Published on Wednesday, 19 February 2020
Tags: #Banking & Finance Law #Litigation
Nedbank has lost the first round in a R2m David versus Goliath case, where the bank is accused of racism when dealing with black mortgage-bond holders.

Law firm's accounts unfrozen

By Juta and Company (Pty) Ltd Published on Monday, 10 February 2020
Tags: #Banking & Finance Law #Insolvency Law #Litigation
The Limpopo High Court (Polokwane) has ordered liquidators in the case of lawyer Tumi Mokwena to unfreeze his law firm's trust account with immediate effect.

Can You Sue a Bad Investment Advisor? It depends…

By Ashersons Attorneys Published on Monday, 03 February 2020
Tags: #Banking & Finance Law #Litigation
The last few years have been hard ones for many investors, and if you have lost money on a particularly bad investment or two you may be wondering whether you can recover your losses from your financial advisor. Let’s investigate the answer to that by discussing three recent court cases – one where an investor successfully sued for R2.5m, and two where investors failed in claims for R11m and R5m respectively.

Cell C defaults on R3bn debt

Cell C has defaulted on almost R3bn of debt, sending the share price of its largest shareholder – Blue Label Telecoms – plunging more than 13% yesterday.

RMB, former investment banker in bitter battle

By Juta and Company (Pty) Ltd Published on Thursday, 16 January 2020
Tags: #Banking & Finance Law #Insolvency Law #Litigation
Fred Arijs, a former investment banker and one-time Belgian honorary consul in the Eastern Cape, has accused RMB and several senior bank executives of taking him to the cleaners, in a calculated scheme to defraud him and his business partners in two property deals gone horribly wrong, says a Moneyweb report.

'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.

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