Legal Articles and Guides

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.

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 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.

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.

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.

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 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 has cut ties with 24 companies directly or indirectly controlled by Iqbal Survé’s Sekunjalo Investment Holdings.

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).

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’.

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.

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).

Government’s imposition of temporary bans on tobacco and alcohol sales was intended to curtail the consumption of tobacco and alcohol during the pandemic.

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.

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.