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.


This article first appeared on 702 : Mark Shuttleworth wins case against the SA Reserve Bank


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