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Lawyers warned of harsh penalties for breaching Fica

By Daily News Published on Wednesday, 07 July 2021
Tags: #Banking & Finance Law #Business & Industry Law #General Legal Practice
Lawyers and their firms have been warned that they could face disciplinary action and administrative penalties of up to R50m for failing to comply with the Financial Intelligence Centre Act.

Buying Property from a Company – Should You Buy the Shares or the House?

By Ashersons Attorneys Published on Monday, 05 July 2021
Tags: #Banking & Finance Law #Business & Industry Law #Property Law
You find the house of your dreams, agree on the price and get ready to put pen to paper. The house is in the name of a company, and you are offered a choice – either buy the house out of the company or take over the company (which owns the house and nothing else) by buying the shares and thus avoid the delay and cost of a normal property transfer and registration in the Deeds Office.

Bitcoin scheme MTI placed in liquidation

By Daily News Published on Friday, 02 July 2021
Tags: #Banking & Finance Law #Insolvency Law #Litigation
Collapsed bitcoin scheme Mirror Trading International (MTI) was placed in final liquidation this week by the Western Cape High Court, according to Moneyweb.

Missing bitcoin brothers ditch their lawyers

By Daily News Published on Tuesday, 29 June 2021
Tags: #Banking & Finance Law #Business & Industry Law #Litigation
Lawyers for the Cajee brothers, who ran a cryptocurrency investment platform from SA that regulators suspect of being a Ponzi scheme, said their mandate to assist them has been terminated, according to Fin24.

Ex-VBS employees take fight to ConCourt

By Daily News Published on Wednesday, 26 May 2021
Tags: #Banking & Finance Law #Business & Industry Law #Litigation
Dozens of former VBS Mutual Bank employees are heading to the Constitutional Court to claim R230m from global professional services firm KPMG for misstating the financial statements of the now-defunct financial institution, according to a report on the IoL site.

'Heritage fund' bank disputes Sexwale's claim

By Daily News Published on Friday, 30 April 2021
Tags: #Banking & Finance Law
The Bank for International Settlements (BIS) says it does not provide financial services to private individuals or companies and that its name, logo and address are misused sometimes in fraudulent schemes, notes a TimesLIVE report.

Urgent AYO bid to stop FNB account closures dismissed

By Daily News Published on Friday, 30 April 2021
Tags: #Banking & Finance Law #Business & Industry Law #Litigation
The Gauteng High Court (Johannesburg) yesterday ruled that the application brought by AYO Technology Solutions to prevent FNB from closing its accounts will not be heard on an urgent basis.

Hawks asked to probe ‘billions stolen from SARB’

By Daily News Published on Friday, 23 April 2021
Tags: #Banking & Finance Law #Business & Industry Law #Litigation
Hawks head Godfrey Lebeya has confirmed that ANC veteran and businessman Tokyo Sexwale has lodged a complaint with it regarding claims that billions of donor funds were stolen at the SA Reserve Bank (SARB) over a period of four years.

AYO account shutdown sparks condemnation of FNB

By Daily News Published on Monday, 19 April 2021
Tags: #Banking & Finance Law #Business & Industry Law #Civil Rights #Litigation
Some unions, business organisations and political parties have slammed the decision of First National Bank (FNB) to shut down the accounts of AYO Technologies and accused banks of being players in the country’s factional politics, rather than protecting jobs, says reports in Independent Media newspapers at the weekend.

Court action looms as FNB shuts out AYO

By Daily News Published on Friday, 16 April 2021
Tags: #Banking & Finance Law #Litigation
AYO Technology Solutions, the company indirectly controlled by Iqbal Survé, has filed an urgent High Court application to stop FNB from terminating its transaction banking facilities, it said yesterday evening.

Man admits to R11m pyramid-scheme fraud

By Daily News Published on Monday, 12 April 2021
Tags: #Banking & Finance Law #Criminal Law
The Johannesburg Commercial Crimes Court has rejected the guilty plea of an admitted R11.6m pyramid-scheme fraudster, who allegedly swindled 11 unsuspecting people over a seven-year period, says a Mail & Guardian report.

VBS depositors have three months to collect R100 000

By Daily News Published on Tuesday, 06 April 2021
Tags: #Banking & Finance Law #Insolvency Law
VBS Mutual Bank has completed the transfer of guaranteed retail deposits to Nedbank, giving depositors little more than three months to collect money guaranteed to them based on an agreement between relevant authorities, says a BusinessLIVE report.

Absa cuts ties with 24 Survé companies

By Daily News Published on Thursday, 01 April 2021
Tags: #Banking & Finance Law #Litigation
Absa has cut ties with 24 companies directly or indirectly controlled by Iqbal Survé’s Sekunjalo Investment Holdings.

Explain how expropriation will affect bonds

By Daily News Published on Wednesday, 31 March 2021
Tags: #Banking & Finance Law #Business & Industry Law #Civil Rights #Property Law
Both the government and the country’s financial institutions must make it clear to South Africans what will happen to mortgage bonds on properties expropriated under the Expropriation Bill, according to the Institute of Race Relations (IRR).

Reserve Bank sued for Steinhoff intervention

By Daily News Published on Wednesday, 24 March 2021
Tags: #Banking & Finance Law #Litigation
The SA Reserve Bank is being sued for allegedly enabling Steinhoff to move assets worth €19bn overseas while the group was technically insolvent – and allowing its local entities to settle claims by foreign investors ‘to the detriment of the South African economy’.

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