Billionaire Mark Shuttleworth has lost a battle in the constitutional court with the South African Reserve Bank over a R250,5m levy dispute.
Last year, the supreme court of appeal (SCA) ordered the Bank to repay Shuttleworth R250m plus interest in a case about exchange controls.
The dispute dates back to March 2008 when Shuttleworth applied to the Reserve Bank to transfer R1,5bn out of South Africa when he moved to the Isle of Man.
Subsequently, Shuttleworth paid a R250,5m exit levy when he transferred his assets out of South Africa to the Isle of Man in 2009. The levy was 10% of the value of the assets he wanted to export.
But following Shuttleworth’s victory in the SCA, the Bank and the minister of finance took the matter to the constitutional court.
And the constitutional court has overturned the SCA ruling.
“Leave to appeal is granted against the decision of the supreme court of appeal,” reads the constitutional court ruling.
The ruling adds the the leave to cross-appeal is granted and that the main appeal is upheld.
The constitutional court has also dismissed Shuttleworth’s application before the high court in Pretoria. — Fin24
