Local News
Judgment reserved in Shuttleworth SCA application─── SABRINA DEAN 15:30 Thu, 28 Aug 2014
Bloemfontein - Judgment has been reserved in an appeal by billionaire Mark Shuttleworth against a R250-million levy imposed on him by the SA Reserve Bank.
An official at the Supreme Court of Appeal in Bloemfontein confirmed that the case concluded before lunch today and judgment has been reserved.
It is anticipated that judgment could be delivered before the end of the SCA’s current term around September 20.
Shuttleworth is appealing the levy he had to pay to get R2.5-billion of his capital to the Isle of Man, where he lives. Pretoria High Court Judge Francis Legodi in 2009 dismissed Shuttleworth's application to have the levy set aside.
According to Sapa, although he had to pay the levy, Shuttleworth did succeed in having parts of the Currency and Exchange Act declared unconstitutional, but did not manage to have the entire exchange control regulations declared invalid.
Sabrina Dean/OFM News and Sapa
