Mark Shuttleworth loses battle with Bank - TechCentral

Mark Shuttleworth loses battle with Bank

Mark Shuttleworth

Mark Shuttleworth

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

8 Comments

  1. Well done ConCourt! We wouldn’t want Shuttleworth financing pseudo-criminals like the DA+Afriforum in discriminatory court cases against the people of this country.

  2. Well Im sure he’s made more than that already overseas. Rather pay and just get out of this corrupt country while its still possible.

  3. And guess what. That money you are not going to see my dear EFF’ed friend. Mark is now in a FIRST world country where he can actually make a living instead of bending to the “laws” of this country

  4. William Stucke on

    He has. And he did. But that’s not why he took Government on. He did so hoping to have our present silly system of exchange controls abolished. A great pity that he didn’t win.
    Perhaps the ConCourt judges need to check up on their history, and check what happened when other countries abolished exchange controls. You know what? The sky didn’t fall after all.
    The reasons advanced for their decision are not convincing. See the other article on the subject.

  5. I wish I had a better understanding of legalese, as parts of that article went straight over my head. So be it.

  6. But show me anybody in government who actually has any clue about what they are doing first of all. Abolish the exchange controls, damn if they cant even get e-tolls, Eskom, Telkom, SAA, SABC or any of the other things right, what chance do we have with things like exchange controls?

  7. The money remained here and was spent years ago. We just won’t be returning it to him and now the courts have made it clear that those nats(Afriforum&FF+) plus pseudo nats(DA) won’t get a cent of it to pursue their antiBlack agendas.