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'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’.

Nedbank to pay VBS victims up to R100 000 each

By Daily News Published on Tuesday, 09 March 2021
Tags: #Banking & Finance Law #Criminal Law
VBS shareholders’ forum chairperson Madambi Muvhulawa has said Nedbank will pay the rest of the defunct mutual bank’s victims up to R100 000 per depositor with immediate effect.

Mboweni says no to SARB nationalisation

By Daily News Published on Monday, 22 February 2021
Tags: #Banking & Finance Law
Finance Minister Tito Mboweni stated categorically in Parliament on Friday that the government would not proceed with the nationalisation of the SA Reserve Bank (SARB).

Alcohol, tobacco sales bans have backfired

By Daily News Published on Monday, 22 February 2021
Tags: #Banking & Finance Law #Health Care & Social #Tax Law
Government’s imposition of temporary bans on tobacco and alcohol sales was intended to curtail the consumption of tobacco and alcohol during the pandemic.

Irba's Sharemax hearing postponed indefinitely

By Daily News Published on Thursday, 18 February 2021
Tags: #Banking & Finance Law #Litigation
The Independent Regulatory Board for Auditors (Irba) disciplinary hearing against former auditors of the failed Sharemax property syndication scheme has been postponed sine die, says a Moneyweb report.

Sharemax auditors' case labelled 'a nullity'

By Daily News Published on Wednesday, 17 February 2021
Tags: #Banking & Finance Law
The actual or perceived bias of two members of the Independent Regulatory Board for Auditors (Irba) disciplinary committee in the disciplinary hearing against three former auditors of Sharemax has made the case a nullity, claimed Advocate Mike Maritz, who is appearing for Jacques Andre van der Merwe, Danie Dreyer and Petrus Johannes Jacobus Bekker.

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