National
Shuttleworth loses R250m exchange control battle─── 11:40 Thu, 18 Jun 2015
Johannesburg - Billionaire Mark Shuttleworth has lost a battle in Johannesburg’s Constitutional Court with the South African Reserve Bank (Sarb) over a R250.5m levy dispute.
Last year, the Supreme Court of Appeal (SCA) ordered Sarb to repay Shuttleworth R250m plus interest in a case about exchange controls.
The dispute dates back to March 2008 when Shuttleworth applied to the Sarb to transfer R1.5bn out of South Africa when he moved to the Isle of Man.
Subsequently, Shuttleworth paid a R250.5m exit levy when he transferred his assets out of South Africa to the Isle of Man in 2009. The levy was 10% of the value of the assets he wanted to export.
But following Shuttleworth’s victory in the SCA, Sarb and the Minister of Finance took the matter to the Constitutional Court.
And the Constitutional Court has overturned the SCA ruling.
The ruling adds the the leave to cross-appeal is granted and that the main appeal is upheld.
