Legal Articles and Guides
Standard Bank puts Sekunjalo decision on hold
Standard Bank says it will continue to provide banking services to Iqbal Survé's Sekunjalo Group ‘for the time being’ after the owner of Independent Newspapers lodged a bid for leave to appeal with the Constitutional Court, Fin24 reports.
Companies set to score over NSFAS fiasco
The four companies contracted by the National Student Financial Aid Scheme (NSFAS) to pay allowances directly into students’ bank accounts are set to rake in millions of rands from the deal.
Independent Media slams account closure
Independent Media CEO Takudzwa Hové yesterday said the notice by Standard Bank that it would be closing its accounts was a ’blatant abuse of power by the banking sector’, reports Fin24.
Court overturns Sekunjalo banking ruling
Iqbal Survé and 35 respondents in a group of companies, including Independent Media and Ayo, received another setback after the Competition Appeals Court found three commercial banks are entitled to close their bank accounts.
FSCA suspicious about stokvel’s business dealings
The Financial Sector Conduct Authority (FSCA) is warning consumers to be cautious about doing any financial services-related business with African United Stokvel on suspicion the entity is participating in unauthorised business and breaching some financial sector laws.
Coal tycoon accused of stashing funds in Mauritius
Coal tycoon and former cage-fighter Frederick Lutzkie has been accused of keeping millions of dollars and euros allegedly generated through organised crime in a Mauritian bank.
FNB fails to block FAB trademark
FirstRand has tried and failed to bar Abu Dhabi’s leading banks from using the FAB trademark, which it says resembles that of its FNB subsidiary.
Nigerian ‘tech entrepreneur’ jailed for fraud
Martins Egenamba appeared to be living the life of a young and successful tech entrepreneur, driving a Ford Mustang and brainstorming new business ideas with an unsuspecting neighbour.
Postbank stands to lose R3.5bn
The future of Postbank’s plans to become a fully-fledged bank may be under threat as it stands to lose R3.5bn if the Post Office is placed in business rescue, while its deposits have no protection in law.
Crypto exchanges to be licensed by year end
SA will require that crypto exchanges in the country operate with licences by the end of the year. That's according to the financial regulator.
Card scammers jailed
Two bank card cloning scammers have been handed five- and eight-year jail sentences respectively in the Bellville Specialised Commercial Crimes Court.
Crypto assets frozen
SA crypto investment company Revix says it has had to freeze a quarter of its clients' crypto assets after one of its service providers abruptly halted withdrawals.
‘Ponzi’ scheme company liquidated
An investment company in Kempton Park that authorities say solicited hundreds of millions of rands in investments without a licence has been liquidated, reports Fin24.
Sapo applies for business rescue
The SA Post Office (Sapo)– which was put in provisional liquidation in February – is applying to the courts to be placed in business rescue, enabling it to avoid further lawsuits by unpaid creditors and perhaps escape liquidation.
No more mandatory rotation of audit firms
After years in the making, the mandatory audit firm rotation rule has been reviewed and set aside. A Moneyweb report says the rule, promulgated in 2017, obliged listed and public interest companies to appoint a new audit firm after a tenure of 10 years.
