Can Deloitte weasel out of this one?

Posted 12 September 2014

An inquiry into the demise of African Bank is likely to turn some stones and reveal some worms. The last major inquiry into a banking collapse involved Regal, by the same Advocate John Myburgh who has been asked to look into African Bank. His brief is to investigate reckless behaviour, possible fraud and negligence.

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Standard Bank denies reckless lending scheme in court

Posted 20 August 2014

Standard Bank has denied allegations of reckless lending to companies involved in so-called "reverse mortgage schemes." Borrowers using this system found they had to pay back up to six times the loan amount, and had title of their houses transferred to the credit provider.

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Smack down for Absa in Joburg High Court

Posted 04 August 2014

Absa bank was handed a stunning defeat in the South Gauteng High Court last week when it attempted to obtain summary judgment against two home owners. The judge argued that Absa's failure to produce the original loan agreements - which the bank says was destroyed in a fire - meant the matter has to go to trial.

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Johannesburg businessman defends himself in court against the bank - and wins

Posted 16 May 2014

Johannesburg businessman Damon Greville defended himself in the South Gauteng High Court this week against Sasfin Bank, which liquidated his 67 year-old business in 2012 and is now attempting to repossess his house. The judge found "substantive evidence" that the bank's legal standing was in question after Greville presented evidence of securitisation and bogus accounting by the bank.

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The vampire bank

Posted 28 April 2014

For a disturbing insight into modern banking ethics, look no further than the case of Royal Bank of Scotland and its "business turnaround" division called Global Restructuring Group. South African banking customers would be well advised to pay attention to this case.

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Banks are becoming obsolete - here's how

Posted 23 February 2014

Technology has leapfrogged the banking sector, rendering it as obsolete as the buggy whip. So why are we handing over 9% of the economy to an obsolete parasite, asks Charles Hugh Smith.

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The tide is turning against the banks - Part 2

Posted 29 October 2013

In Part 2 of our interview with Robyn Zimmerman, a consumer lawyer based in Cape Town, we look at what legal ammunition consumers can bring to their defence in cases where their homes are under threat of repossession, and we look at the fascinating case of Samsodien versus First National Bank. 

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The tide is turning against the banks - Part 1

Posted 24 October 2013

South Africa's courts have traditionally weighed in on the side of the banks when it comes to home repossession, even though the loans have been securitised and are now under new ownership. But the tide is turning against the banks, says consumer lawyer, Robyn Zimmerman.

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Credit amnesty for 1,6 million blacklisted South Africans

Posted 06 September 2013

The government has swept aside objections from the banking industry and decided to force credit bureaus to remove adverse credit information on 1,6 million South Africans - many of them public servants - who have been blacklisted but have paid off their debts. The move has been labelled a "vote catching" exercise ahead of next year's elections.

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Bankers face 10 years prison in Germany

Posted 01 August 2013

The entire executive board of HSH Nordbank in Germany face up to 10 years in prison if found guilty of breaching trust. This is one of several trials involving bankers in Europe, and reflects mounting fury over the conduct of banks leading up to the financial crisis in 2008.

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Bankers should be jailed for reckless misconduct

Posted 19 June 2013

A new report by a UK parliamentary committee recommends jail time for bankers found guilty of reckless misconduct.

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Billionaire Shuttleworth seeks to have exchange controls banned

Posted 11 June 2013

Billionaire entrepreneur Mark Shuttleworth, who emigrated from SA in 2001, has brought an order before the Constitutional Court seeking to have exchange controls declared unconstitutional.

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Is this the biggest fraud in history?

Posted 29 May 2013

In this interview with NewERA's legal advisor, Raymondt Dicks, we ask whether the securitisation scandal as it has come to be known around the world is the biggest fraud in history. We also find out what's next for NewERA in light of a recent High Court judgement that appears to have energised the group's campaign to stop SA banks foreclosing on securitised loans.   

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Judgement opens a world of trouble for SA banks

Posted 20 May 2013

A judgement isssued last week in the South Gauteng High Court could open up a world of trouble for the banks. The verdict appears to buttress NewERA's claim that banks engaged in securitisation activities are violating statutes left and right, writes Arlene Levy. 

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NewEra ordered to appear in court

Posted 10 May 2013

NewEra has been ordered to appear in court on Tuesday 14th May on charges of "vexatious litigation" and has been asked to explain why its directors should not pay the banks' court costs, writes Arlene Levy.

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New Economic Rights Alliance brings heat to the banks

Posted 05 May 2013

The New Economic Rights Alliance (NewEra) has lodged a complaint with the National Credit Regulator (NCR) calling on it to force the major banks to disclose details of their securitisation transactions, which are reckoned to exceed R20 billion a month, writes Arlene Levy.

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National Credit Regulator bares its teeth

Posted 01 May 2013

A total of 9,3 million South Africans out of 19 million with credit records are now three or more months in arrears on at least one debt. That’s about half the credit-worthy population behind on their bills, which is blamed in part of reckless lending by the banks.

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When is a bank not a bank

Posted 19 April 2013

The Reserve Bank has sweepingly wide powers when it comes to determining when a bank is - or is not - a bank. The case of U Care versus the Registrar of Banks was an opportunity to test the constitutionality of these powers, but the opportunity was squandered, writes Sageer Pansari, a candidate attorney with Schoeman Attorneys, Conveyancers and Notaries Public.

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