The Equality Court has found no merit in the claims of unfair discrimination against First National Bank.
Emerald van Zyl, a private financial consultant, is the expert witness in the case.
He claims that more than 4,000 clients were charged 30% interest or more on their home loans and these are primarily black customers .
FNB argued that a lot of the issues raised had been tested in the North Gauteng High Court in 2013 and were found to be baseless.
Reacting to the judgement, van Zyl insists that FNB obtained the Low Cost Housing mortgage book of the defunct Saambou, by securitisation in 1998/1999.
From the affidavit of John Louw the curator who took over after Saambou collapsed, he said FNB was in possession of R2.6 billion of home loans from Saambou, this was the low cost housing. They took the low cost housing over on 2 February 1998.— Emerald van Zyl, Private financial consultant
I am not running this campaign on behalf of the clients, these clients are doing it themselves, and I am the expert witness in the case. They have appointed an attorney to assist them in the matter.— Emerald van Zyl, Private financial consultant
Van Zyl says the Human Rights Commission is now also involved and wants to launch an application against FNB in the Western Cape High Court.
He says the applicants might well take their appeal to the highest court in the land.
We are at the moment in time considering to refer this matter to the constitution [constitutional court].— Emerald van Zyl, Private financial consultant
Click on the link below to hear more from Van Zyl...
This article first appeared on 702 : Racial discrimination case against FNB heading for Constitutional Court?