Legal Articles and Guides
Reserve Bank likely to raise interest rates even further
The Reserve Bank sees a need to continue raising borrowing costs, even after hiking interest rates faster than its modelling suggested, reports Fin24.
Standard Bank employee convicted for fraud
Thandeka Mlangeni was found guilty of fraud and money laundering in the Harrismith Magistrate’s Court on Friday.
Absa considers order to reopen Sekunjalo accounts
Absa said yesterday it ‘respectfully disagrees’ with the Competition Tribunal’s ruling that it must reopen four Sekunjalo Group bank accounts, and it is considering taking legal action to keep them closed.
Ponzi scheme investor jailed for 15 years
A Carmol Distributors Ponzi scheme investor, who lost most of his R500 000 outlay, said the 15-year prison sentence handed to the mastermind last week made ‘no difference’ to his life.
Nedbank to keep Sekunjalo accounts open, pending ruling
The Sekunjalo Group of Companies’ bank accounts at Nedbank will remain open after the Western Cape High Court reserved judgment in Nedbank’s appeal against the interim interdict granted to Sekunjalo in June preventing the bank from closing its bank accounts.
Judgment reserved in AYO banking matter
Judgment has been reserved in the case where JSE-listed AYO Technology Solutions had approached the Western Cape High Court on an urgent basis seeking an immediate restoration or re-opening of its bank accounts with Access Bank.
How dirty money was filtered through Sasfin accounts
Gold Leaf Tobacco Corporation’s (GLTC) multibillion-rand cross-border plunder network ground to a complete halt at times when implicated Sasfin Bank officials were unable to sneak payments to offshore destinations, WhatsApp conversations and money flows attached to SARS court papers suggest.
Parliament scrutinises closure of bank accounts
National Treasury yesterday said it will update Parliament soon on plans to update banking regulations to bring them in line with the State Capture Inquiry's recommendations on the closure of bank accounts.
R20m fine for ‘Ponzi scheme’ manager
SA's financial regulator has fined the directors of the Praesidium group of companies millions of rands and barred them from the financial services industry for offering investments ‘similar in nature to a Ponzi scheme’, reports Fin24.
Now Reserve Bank targets Ramaphosa over ‘Farmgate’
As the furore over President Cyril Ramaphosa’s refusal to address the Phala Phala saga in the National Assembly continues, the SA Reserve Bank (SARB) has revealed that he did not report the foreign exchange transaction that was the source of the US dollars stolen from his farm, as required by law.
Standard Bank ordered to freeze Lyoness account
The Gauteng High Court (Pretoria) has ordered Standard Bank to freeze the bank accounts of suspected Ponzi scheme Lyoness SA.
Discovery Health clients forced to join banking service
Discovery Vitality has made significant changes to its travel portal, which includes deals with new partners – but which also forces all members who want to book flight, car, and hotel deals to sign up as Discovery Bank clients, whether they want to or not.
VBS liquidators target former municipal executive
VBS Mutual Bank liquidators are turning up the heat against former West Rand District Municipality executive Romeo Mohaudi following his arrest for alleged corruption, reports City Press.
Banks warned against closing crypto accounts
SA’s banks should think twice about closing down the bank accounts used by crypto asset service providers, such as exchanges where you can buy and sell bitcoin, the Reserve Bank's Prudential Authority (PA) has told them.
Rain withdraws Telkom merger announcement
Data-only network provider Rain has been forced to withdraw its media announcement of a plan to merge with Telkom after the move was condemned by the Takeover Regulation Panel (TRP) as unlawful, reports Fin24.
