Legal Articles and Guides

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.

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.

‘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.

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.

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.

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.

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 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.

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.

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

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.

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.

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.

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.