Mark Shuttleworth wins case against the SA Reserve Bank

Mark Shuttleworth's legal victory to have the R250 million claimed by the SA Reserve Bank as a levy for moving his money out of South Africa could be seen as a legal victory for South African citizens despite them having to foot bill for the almost R350 million payment ordered by the court.

It is more expensive to work across South African borders than almost anywhere else on Earth, purely because the framework of exchange controls creates a cartel of banks authorised to act as the agents of the Reserve Bank in currency matters.

Mark Shuttleworth

While the award will be paid for by South Africans from their taxes, there may be a lasting benefit as Shuttleworth has said he will establish a trust to use the funds to assist other challenges to the Government when those affected could not afford to pay for the action themselves.

A trust run by veteran and retired constitutional scholars, Judges and lawyers, that will selectively fund cases on behalf of those unable to do so themselves, where the counterparty is the state.

Mark Shuttleworth

The levy on moving money out of South Africa was abolished in 2011.

Shuttleworth's statement was made to Moneyweb who published the story on 1 October.


Recommended

by NEWSROOM AI
Read More
It took a war to change shipping. What will it take to change transport?

It took a war to change shipping. What will it take to change transport?

As hype begins to grow around the Hyperloop, will it change how we travel or run out of track?

Scale may no longer be the best way to achieve growth

Scale may no longer be the best way to achieve growth

Grow or die is the law of the jungle, but does it still apply outside of the jungle?

Will 5G communications make access universal or create another digital divide?

Will 5G communications make access universal or create another digital divide?

The super fast new mobile internet may change the world, but it might not be for the better.

How to win elections and influence people

How to win elections and influence people

You could say elections are being disrupted.

Technology disrupted tax income, but nobody escapes taxes

Technology disrupted tax income, but nobody escapes taxes

Digital companies have had a good run, but new taxes are coming.

Solving puzzles and mysteries, and what all of us may be missing about it

Solving puzzles and mysteries, and what all of us may be missing about it

At last, a way to future proof yourself against the 4th Industrial Revolution.

Popular articles
'Minnie understood he might become a target'

'Minnie understood he might become a target'

Marianne Thamm wrote the forward to 'The Lost Boys of Bird Island' and worked with Mark Minnie in editing the controversial book.

[WATCH] Dad dresses up as a mom so his sons don't feel left out on Mother's Day

[WATCH] Dad dresses up as a mom so his sons don't feel left out on Mother's Day

Khabazela shares Facebook posts, YouTube videos that have gone viral including one with the smartest dogs.

Nxasana questions why Minister Masutha's involvement is not being challenged

Nxasana questions why Minister Masutha's involvement is not being challenged

Former NDPP Mxolisi Nxasana says he didn't know the payout he received was a golden handshake.

[LISTEN] Is your phone listening in on your conversations?

[LISTEN] Is your phone listening in on your conversations?

MD at World Wide Worx Arthur Goldstuck explains how your phone may record your voice conversations.

JHB CBD muggings - Where are the police ?

JHB CBD muggings - Where are the police ?

City of Joburg mayor Herman Mashaba says undocumented people living in the city make it difficult to combat crime.

[WATCH] Is it a cow's penis or an udder? Well, this kid thinks it's a penis

[WATCH] Is it a cow's penis or an udder? Well, this kid thinks it's a penis

Check out the videos, tweets, Facebook posts that have gone viral and why this kid cheered her dad on in the toilet.

'Black Tax'... working hard, earning well, but struggling financially

'Black Tax'... working hard, earning well, but struggling financially

Young(ish) South Africans tell stories of the mixed emotions they feel when supporting family members, and tips from an advisor.

Castro bodyguard shares tales of dictator’s double life and breath-taking wealth

Castro bodyguard shares tales of dictator’s double life and breath-taking wealth

Juan Sanchez shares stories of Fidel Castro that’ll make you re-examine everything you thought you knew about the Cuban dictator.