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Banking & Finance

Brian Shivambu has defaulted on VBS loan

By Juta and Company (Pty) Ltd Published on Monday, 15 April 2019
Tags: #Banking & Finance Law #Insolvency Law #Litigation
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.

Race bias on home loans case dismissed

By Juta and Company (Pty) Ltd Published on Friday, 12 April 2019
Tags: #Banking & Finance Law #Litigation
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.

Repayment ordered after bank app ‘malfunction’

By Juta and Company (Pty) Ltd Published on Monday, 01 April 2019
Tags: #Banking & Finance Law #Litigation
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’.

Legal action threat over appointment of SARS boss

By Juta and Company (Pty) Ltd Published on Thursday, 28 March 2019
Tags: #Banking & Finance Law #Business & Industry Law #Tax Law
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.

State-owned banks Bill ready for final vote

By Juta and Company (Pty) Ltd Published on Thursday, 28 March 2019
Tags: #Banking & Finance Law #General Legal Practice
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.

Standard Bank accused of R2bn over-statement

By Juta and Company (Pty) Ltd Published on Thursday, 28 March 2019
Tags: #Banking & Finance Law #Litigation
Emerald van Zyl, a usury expert, has his sights on Standard Bank, which he claims has over-stated its financial statements by as much as R2bn since 2009 through a R50 a month admin charge that was declared illegal by the SCA in 2013.

ConCourt asked to rule on Westside millions

By Juta and Company (Pty) Ltd Published on Wednesday, 20 March 2019
Tags: #Banking & Finance Law #Insolvency Law #Litigation
Tycoon Roux Shabangu has expressed fear he could be bankrupted if he pays back a portion of the millions of rands that was irregularly lent to a liquidated company he co-owned. Denying that he and eight others were liable to repay the state-owned Land Bank R82m arising from a loan granted to Westside Trading 570 in 2006, Shabangu has taken the long-drawn-out legal battle to the Constitutional Court.

EFF urges inquiry into discrimination against blacks

By Juta and Company (Pty) Ltd Published on Wednesday, 13 March 2019
Tags: #Banking & Finance Law #Civil Rights #Ethics #Litigation
The EFF has called for a judicial commission of inquiry with financial forensic capacity into alleged discriminatory practices by banks against black people, says a TimesLIVE report. This follows revelations of alleged racism against black homeowners by FNB that were broadcast on Sunday by the SABC's Special Assignment – allegations flatly denied by FNB. 

In duplum principle at issue in High Court battle

Lenders and the University of Stellenbosch’s Law Clinic, joined by Summit Financial Partners and a number of clients, are to lock horns in the Western Cape High Court in the middle of the year. A Moneyweb report says the case will decide what charges lenders are allowed to load onto the accounts of defaulting borrowers.

Ombud's bid to freeze ‘scam’ VBS investment

By Juta and Company (Pty) Ltd Published on Monday, 04 February 2019
Tags: #Banking & Finance Law #Insolvency Law #Litigation
A forensic investigation has revealed about R80m said to have been illegally invested in VBS Mutual Bank by rogue officials at the state-owned Community Schemes Ombud Service (CSOS) was actually deposited into an FNB corporate cheque account belonging to the now-insolvent bank, says a Mail & Guardian report.

Reserve Bank ‘caused’ R5m loss by investor

By Juta and Company (Pty) Ltd Published on Friday, 14 December 2018
Tags: #Banking & Finance Law #Business & Industry Law #Litigation
The KZN High Court (Pietermaritzburg) has found the Reserve Bank’s intervention into the affairs of Sharemax Investments was the cause of the R5m loss by an investor in one of the company’s schemes and not any breach by an investor's financial adviser.

Relief for borrowers following SCA ruling

Borrowers with more than one debt outstanding were given some protection last week when the SCA ruled that the interest rate on short-term loans after the first loan cannot exceed 3% a month. GroundUp reports Micro Finance SA (MFSA) had challenged regulations promulgated under the National Credit Act reducing the interest rate on a second short-term loan taken out in a 12-month period from 5% to 3% a month.

Equality Court to hear discrimination claim against bank

By Juta and Company (Pty) Ltd Published on Tuesday, 04 December 2018
Tags: #Banking & Finance Law #Litigation
The Equality Court is to hear a case alleging discrimination by a bank – the first time such a case has come before this court. Cape Town-based usury expert Emerald van Zyl has taken his nearly 10-year fight against alleged banking abuse to the Cape Equality Court, seeking a ruling that FNB’s FirstRand Finance Company discriminated against more than 4 000 black customers by charging them 30-40% more than white customers on their mortgage loans.

Pepkor fined R5m for misleading investors

By Juta and Company (Pty) Ltd Published on Tuesday, 27 November 2018
Tags: #Banking & Finance Law #Business & Industry Law
The JSE censured Pepkor and fined it R5m yesterday for failing to tell its shareholders that it stood surety for R15bn of Steinhoff International’s debt, and about its loans to senior management. Pepkor issued a separate statement saying it ‘has acknowledged that inadequate disclosures were made during the process of its listing and the publication of its annual financial statements in 2017’, notes a BusinessLIVE report.

Net1 subsidiary squares off against Sassa today

The battle by companies to profit from social grants rages on with another round of court action, this time between Sassa and another Net1 subsidiary, which will be heard today. According to a Mail & Guardian Online report, the Net 1 subsidiary, Moneyline Financial Services, is asking the Gauteng High Court (Pretoria) to compel Sassa to accept the consent forms – confirming bank accounts into which the social grants should be paid – of beneficiaries through Cash Paymaster Services (CPS).

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