South Africa Case Law

Ibex Investment Holdings Limited and Others v South African Reserve Bank and Others (2024/085397)

Ibex Investment Holdings Limited and Others v South African Reserve Bank and Others (2024/085397) [2025] ZAGPPHC 351 (23 April 2025)

Court

North Gauteng High Court, Pretoria

Case number

2024/085397

Judge

S. Potterill

The court found that the SARB failed to provide sufficient factual or evidentiary basis for its claim that the permission for Payment 4 under the 0443 Approval was granted without authority. The SARB's reliance on internal signing limits was not supported by affidavits from relevant officials or documentary evidence, and the delegation of authority permitted the Divisional Head to grant such approvals. The blocking order over R200 million in the SAHPL account was issued without any substantiated suspicion or reasons, and the SARB did not meet the heightened standards required of organs of sta…

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• Exchange Control Regulations
• Blocking Orders
• Judicial Review
• Delegation Of Authority
• Urgent Interdict
• Promotion Of Administrative Justice Act

Ecenter Trading (Pty) Ltd and Others v First National Bank Ltd and Another (28904/2022)

Ecenter Trading (Pty) Ltd and Others v First National Bank Ltd and Another (28904/2022) [2024] ZAGPPHC 318 (2 April 2024)

Court

North Gauteng High Court, Pretoria

Case number

28904/2022

Judge

Nyathi

The High Court dismissed an application to compel release of blocked bank funds, holding the applicants should have pursued the statutory review route.

• Exchange Control Regulations
• Blocking Orders
• Mandamus
• Administrative Action
• Judicial Review
• Right To Be Heard

SAR Investment (Pty) Ltd and Others v Standard Bank of South Africa (16344/21)

SAR Investment (Pty) Ltd and Others v Standard Bank of South Africa (16344/21) [2023] ZAGPJHC 834 (27 July 2023)

Court

South Gauteng High Court, Johannesburg

Case number

16344/21

Judge

Molahlehi

The court found that the applicant failed to disclose a cause of action in its founding papers, as required by South African procedural law. The pleadings did not set out factual averments supporting the relief sought, nor did they clarify the legal basis for the claim against the respondents. The application was premature, as the Reserve Bank's investigation into the transaction was ongoing and no final decision to attach or block the funds had been made. The applicant did not challenge the authority of the Reserve Bank to conduct the investigation, nor did it demonstrate any clear right or…

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• Exchange Control
• Currency And Exchanges Act
• Attachment Of Funds
• Pleading Requirements
• Blocking Orders

Odendaal v South African Reserve Bank (2271/2022)

Odendaal v South African Reserve Bank (2271/2022) [2023] ZAWCHC 160 (6 July 2023)

Court

Western Cape High Court, Cape Town

Case number

2271/2022

Judge

Wille

The court dismissed an application to release blocked funds, finding the applicant repudiated the agreement and that any constitutional complaint had to be brought under PAJA.

• Exchange Control Regulations
• Blocking Orders
• Subsidiarity Principle
• Promotion Of Administrative Justice Act
• Specific Performance
• Constitutional Rights Enforcement

South African Reserve Bank and Another v Johnine Winsome Elisie Maddocks N O and Another (1268/2021)

South African Reserve Bank and Another v Johnine Winsome Elisie Maddocks N O and Another (1268/2021) [2023] ZASCA 4; [2023] 2 All SA 61 (SCA); 2023 (4) SA 85 (SCA) (23 January 2023)

Court

Supreme Court of Appeal

Case number

1268/2021

Judges

Zondi, Mocumie, Gorven, Nhlangulela, Basson

The Supreme Court of Appeal held that the liquidation of the companies did not nullify the blocking orders issued under the Exchange Control Regulations. As the blocking orders were extant at the time of liquidation, it was competent for the Reserve Bank to issue forfeiture orders after liquidation. The forfeiture orders did not render the Reserve Bank a creditor of the insolvent companies, nor did the forfeited monies fall into the insolvent estates for distribution by the liquidators. The regulatory framework for currency and exchanges, including the power to block and forfeit assets, opera…

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• Exchange Control Regulations
• Forfeiture Orders
• Blocking Orders
• Liquidation And Concursus Creditorum
• Statutory Interpretation

Sylla and Others v Minister of the Department of Finance and Another (08/38696)

Sylla and Others v Minister of the Department of Finance and Another (08/38696) [2011] ZAGPJHC 200 (13 December 2011)

Court

South Gauteng High Court, Johannesburg

Case number

08/38696

Judge

P Boruchowitz

High Court review of Reserve Bank blocking orders dismissed; the court held authorised dealers could not grant Regulation 3(1) permission and costs followed.

• Exchange Control Regulations
• Blocking Orders
• Jurisdictional Facts
• Unfair Administrative Action
• Delegation Of Powers
• Exchange-control-regulations