South Africa Case Law

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

Yanfang v National Director of Public Prosecutions (2746/2017)

Yanfang v National Director of Public Prosecutions (2746/2017) [2022] ZANCHC 6 (4 February 2022)

Court

Northern Cape High Court, Kimberley

Case number

2746/2017

Judges

Lever, Nxumalo, Nobanda

The court found that the respondent failed to establish on a balance of probabilities that the cash sum was the proceeds of unlawful activity as contemplated in s50(1)(b) of POCA. The respondent did not specify which legislation or provision was contravened regarding exchange control, and the facts did not support a finding of money laundering or a contravention of s64 of the FIC Act. The definition of 'transaction' under the FIC Act, as it stood on the relevant date, did not apply to the facts, and there was no evidence of a transaction with an accountable institution. The rule in Plascon-Ev…

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• Asset Forfeiture
• Money Laundering
• Exchange Control
• Burden Of Proof
• Rule In Plascon Evans

Dolberg Asset Finance Ltd v Dolberg South Africa (Pty) Ltd (2020/25831)

Dolberg Asset Finance Ltd v Dolberg South Africa (Pty) Ltd (2020/25831) [2021] ZAGPPHC 610 (20 September 2021)

Court

North Gauteng High Court, Pretoria

Case number

2020/25831

Judge

van der Westhuizen

The High Court dismissed an application to enforce a guarantee because SARB approval, a suspensive condition, was refused and the respondent had applied for it.

• Guarantee Enforcement
• Exchange Control
• Suspensive Condition
• Fictional Fulfilment
• Locus Standi
• Guarantee-enforcement

NMB Bank Limited v Capsopoulos and Another (505/2016)

NMB Bank Limited v Capsopoulos and Another (505/2016) [2017] ZASCA 94; [2017] 3 All SA 765 (SCA) (15 June 2017)

Court

Supreme Court of Appeal

Case number

505/2016

Judges

Shongwe, Ponnan, Leach, Molemela, Gorven

The Supreme Court of Appeal found that the respondents, experienced businesspeople, were fully aware of Zimbabwe's strict foreign exchange controls and the unlawfulness of the scheme by which they received US dollars from the appellant bank. The respondents' use of coded language and their knowledge of the fraudulent documentation supporting the payments demonstrated complicity in the fraud. The payments were made pursuant to a scheme that misrepresented the nature of transactions to the bank, inducing it to part with scarce foreign currency. The respondents personally benefited from the frau…

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• Exchange Control
• Fraudulent Misrepresentation
• Unjust Enrichment
• Foreign Currency Regulation
• Joint And Several Liability
• Prescribed Interest