Coral Lagoon Investments 194 (Pty) Limited and Another v Capitec Bank Holdings Limited and Others (Rorisang Basadi Investments (Pty) Ltd and Another intervening); Transnet Second Defined Benefit Fund v Capitec Bank Holdings Limited and Others (30899/2019; 24805/17)
Coral Lagoon Investments 194 (Pty) Limited and Another v Capitec Bank Holdings Limited and Others (Rorisang Basadi Investments (Pty) Ltd and Another intervening); Transnet Second Defined Benefit Fund v Capitec Bank Holdings Limited and Others (30899/2019; 24805/17) [2019] ZAGPJHC 427 (5 November 2019)
The court found that Capitec's conduct in refusing consent for the sale of shares by Coral Lagoon to the TSDBF was inconsistent, unexplained, and in breach of its contractual and common law duty of good faith. Capitec's shifting positions, threats of litigation, and failure to provide reasonable justification for its refusal demonstrated a lack of candour and fairness. The court held that, given Capitec's contradictory stances and the real risk of future litigation, justice required that Capitec's consent be obtained for the sale. The refusal to grant consent was declared unlawful and in brea…
Source excerpt
- Contractual Good Faith
- Broad Based Black Economic Empowerment
- Shareholder Disputes
- Specific Performance
- Urgent Interdict
- Constitutional Rights