Leathern N.O and Others v Reserve Bank of South Africa (41306/2019)
Leathern N.O and Others v Reserve Bank of South Africa (41306/2019) [2020] ZAGPPHC 181 (21 May 2020)
The court found that the applicants, as trustees of the insolvent estate, are entitled to have the blocked funds in the relevant accounts vest in the estate. The blocking order issued under the Exchange Control Regulations does not operate to exclude the funds from the insolvent estate, as there is no statutory exclusion to that effect. The SARB failed to provide sufficient evidence that the funds were obtained by fraud or as agent, and its reliance on confidential information under section 33 of the Reserve Bank Act was not justified in the circumstances. The blocking order merely restricts…
Source excerpt
- Exchange Control Regulations
- Blocking Order
- Insolvency Trusteeship
- Vesting Of Property
- Review Of Administrative Action