Mwale v Financial Services Tribunal and Another (92967/2019)
Mwale v Financial Services Tribunal and Another (92967/2019) [2021] ZAGPPHC 297 (24 May 2021)
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…
Source excerpt
- Financial Sector Regulation Act
- Banks Act
- Judicial Review
- Pyramid Scheme Regulation
- Internal Remedy Exhaustion