South Africa Case Law

Mwale v Financial Services Tribunal and Another (92967/2019)

Mwale v Financial Services Tribunal and Another (92967/2019) [2021] ZAGPPHC 297 (24 May 2021)

Court

North Gauteng High Court, Pretoria

Case number

92967/2019

Judge

Yvan Coertzen

The court found that the Tribunal correctly interpreted the extended definition of 'the business of a bank' under the Banks Act, which applies to the business practice of the TVI scheme and not solely to the applicant's own business. The evidence showed that the applicant regularly obtained money from members of the public as part of the TVI scheme, with substantial deposits and multiple profiles linked to TVI activities. The Tribunal's decision was neither unreasonable nor irrational, as there were sufficient facts to justify its conclusion. The applicant's allegations of bias were unsupport…

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• Financial Sector Regulation Act
• Banks Act
• Judicial Review
• Pyramid Scheme Regulation
• Internal Remedy Exhaustion

Naidu v Reserve Bank of the Republic of South Africa and Another (9898/2016)

Naidu v Reserve Bank of the Republic of South Africa and Another (9898/2016) [2017] ZAKZDHC 25 (22 June 2017)

Court

Kwazulu-Natal High Court, Durban

Case number

9898/2016

Judge

Henriques

High Court dismissed an urgent application to revoke a bank’s trading licences, order regulatory reprimands, and award R4.6 million, holding the claims incompetent and lis pendens.

• Banks Act
• Jurisdiction
• Locus Standi
• Lis Pendens
• Code Of Banking Practice
• Banking-law

Registrar of Banks v Dafel and Others (64378/2013; 64380/2013; 64381/2013)

Registrar of Banks v Dafel and Others (64378/2013; 64380/2013; 64381/2013) [2015] ZAGPPHC 648 (4 September 2015)

Court

North Gauteng High Court, Pretoria

Case number

64378/2013; 64380/2013; 64381/2013

Judge

C Pretorius

The High Court confirmed final sequestration and liquidation orders and dismissed an extension application, finding the respondents lacked locus standi to bring it.

• Banks Act
• Provisional Sequestration
• Provisional Liquidation
• Locus Standi
• Compromise Scheme
• Condonation

Corpclo 2290 CC t/a U-Care v Registrar of Banks (755/2011)

Corpclo 2290 CC t/a U-Care v Registrar of Banks (755/2011) [2012] ZASCA 156; [2013] 1 All SA 127 (SCA) (2 November 2012)

Court

Supreme Court of Appeal

Case number

755/2011

Judges

MPATI, LEWIS, MALAN, LEACH, SOUTHWOOD

The Supreme Court of Appeal held that the appellants' business practice, as described in the evidence, fell within the extended definition of 'the business of a bank' under Notice 498 issued pursuant to the Banks Act. The court found that the appellants accepted money from the public with the prospect of payments or benefits, which constituted the business of a bank as defined. The constitutional arguments raised by the appellants on appeal were not pleaded or canvassed in the affidavits before the court a quo, and thus could not be considered. The court reaffirmed that constitutional issues…

Source excerpt

• Banks Act
• Definition Of Business Of A Bank
• Interdict
• Constitutional Challenge
• Motion Proceedings
• Administrative Action