Nedbank Limited v Houtbosplaas (Pty) Ltd and Another (68087/2017)
Nedbank Limited v Houtbosplaas (Pty) Ltd and Another (68087/2017) [2020] ZAGPPHC 220 (17 March 2020)
The Court held that Nedbank's grounds for leave to appeal were without merit. The interpretation of Regulation 7(f)(ii) requires reference to the Memorandum of Incorporation to determine voting rights, including those of preferential shareholders. Nedbank's exclusion of preferential shareholders in its calculation was incorrect. The Court's reference to section 218(4) of FICA was obiter and not dispositive; the main judgment was based on the interpretation of Regulation 7(f)(ii). Regulation 15 does not restrict financial institutions from consulting official sources for verification of shareh…
Source excerpt
- Financial Intelligence Centre Act
- Bank Account Restrictions
- Burden Of Proof On Leave To Appeal
- Interpretation Of Regulations
- Right To Privacy