http://www.polity.org.za
Deepening Democracy through Access to Information
Home / News / South African News RSS ← Back
Finance|Oakbay Group|Standard Bank|Bank|Pravin Gordhan|Vincent Maleka
Finance|||
finance|oakbay-group|standard-bank|bank|pravin-gordhan|vincent-maleka
Close

Email this article

separate emails by commas, maximum limit of 4 addresses

Verification Image. Please refresh the page if you cannot see this image.

Sponsored by

Close

Article Enquiry

Standard Bank wants court to prevent ministers from intervening

Verification Image. Please refresh the page if you cannot see this image.
Close

Embed Video

Standard Bank wants court to prevent ministers from intervening

Photo by Reuters

29th March 2017

By: News24Wire

SAVE THIS ARTICLE      EMAIL THIS ARTICLE

Font size: -+

Standard Bank is arguing that Finance Minister Pravin Gordhan’s declaratory order should be vertically extended to include preventing the cabinet ministers from intervening in banking matters.

“There is no reason to confine relief to the minister himself,” argued advocate Vincent Maleka.

Advertisement

“It should extend to any act by a minister to intervene in banking matters."

Judge President of the Gauteng Division of the High Court Dunstan Mlambo wanted to know why Standard Bank can’t simply get an interdict on an ad hoc basis or bring a new application to court.

Advertisement

Maleka argued that the court should simply extend Gordhan’s relief. “We support the minister’s relief, but seek to vertically extend it,” he said.

He argued that an extended declaratory order would “resolve the issue once and for all”.

“We know there are a number of ministers who, on record, have called upon Standard Bank to account,” he argued. “The bank has recorded meetings with the inter-ministerial committee.”

Explaining how Oakbay has acted against the bank, Maleka said Oakbay Group “has avoided the resolution of the despute through court proceedings”.

“We have articulated a public campaign against Standard Bank to undermine the legitimacy of this decision. Oakbay has argued that the banks have acted anti-competitively and in a collusive manner,” he said.

“If you say this, then the only institution which can resolve this by law is the Competition authorities. Oakbay has not approached the Competition authorities to do this.”

EMAIL THIS ARTICLE      SAVE THIS ARTICLE

To subscribe email subscriptions@creamermedia.co.za or click here
To advertise email advertising@creamermedia.co.za or click here

Comment Guidelines

About

Polity.org.za is a product of Creamer Media.
www.creamermedia.co.za

Other Creamer Media Products include:
Engineering News
Mining Weekly
Research Channel Africa

Read more

Subscriptions

We offer a variety of subscriptions to our Magazine, Website, PDF Reports and our photo library.

Subscriptions are available via the Creamer Media Store.

View store

Advertise

Advertising on Polity.org.za is an effective way to build and consolidate a company's profile among clients and prospective clients. Email advertising@creamermedia.co.za

View options
Free daily email newsletter Register Now
Register Close