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.

Read More
Great ideas, wrong time

Great ideas, wrong time

The iPhone, Ebay and Facebook, we all know these killer applications but what about their very similar predecessors that flopped.

The world of business is changing, here is what you need to know.

The world of business is changing, here is what you need to know.

Companies, institutions and principles, nothing is safe from the impact of the 4th industrial revolution.

What 30 years of data tells us about the past and future of the super wealthy

What 30 years of data tells us about the past and future of the super wealthy

Changes to the Forbes Rich List is like a financial history of the world, reflecting economic booms and busts.

News quiz crossword 28 July

News quiz crossword 28 July

A 10 word news crossword of stories we covered in the last week. Can you solve it?

Everything you need to know about the dark web, but were too afraid to ask

Everything you need to know about the dark web, but were too afraid to ask

The recent closure of two illegal online marketplaces selling contraband has put the dark web back in the spotlight.

The Alibaba Group does not see itself as a company but an economy

The Alibaba Group does not see itself as a company but an economy

Alibaba founder Jack Ma says the future is his biggest competitor and he wants young entrepreneurs to help him succeed.

Popular articles
Discovery CEO (and founder) Adrian Gore bares his soul about money

Discovery CEO (and founder) Adrian Gore bares his soul about money

The Money Show’s Bruce Whitfield interviews Gore about his attitude to money (hopes and fears, successes and failures, etc.).

Ocean Basket gives franchise owner the chop after assault video

Ocean Basket gives franchise owner the chop after assault video

The man was immediately divested of his shares and is no longer part of the group, explains Ocean Basket CEO Grace Harding.

LISTEN: A 'smaller nyana' mash-up of Bathabile Dlamini's most outrageous quotes

LISTEN: A 'smaller nyana' mash-up of Bathabile Dlamini's most outrageous quotes

ANC Women's League president Bathabile Dlamini is no stranger to controversy and has made many head-scratching comments before.

WATCH: Cape schoolkids 'starstruck' after Trevor Noah,  Charlize Theron drop by

WATCH: Cape schoolkids 'starstruck' after Trevor Noah, Charlize Theron drop by

Oaklands High principal Reza Patel says it was an extremely exciting experience for both the learners and staff. We can imagine!

CoCT explains new electricity tariffs

CoCT explains new electricity tariffs

Following residents concerns over new electricity tariffs and properties being re-evaluated, Johan van der Merwe provides clarity.