The South African Reserve Bank (SARB) has noted the judgment by the Supreme Court of Appeal, in which it dismissed Mark Shuttleworth’s challenge of the entire South African Exchange Control Regulatory Framework.
The Regulatory Framework of Exchange controls has been used to liberalise restrictions on currency flows, but at the same time to ensure that we have a framework for the prudential regulation of cross border flows.
The Court further ordered that the levy charged for the movement of Shuttleworth’s capital to the Isle of Man six years ago, be set aside.
The levy was payable from February 2003 to November 2010. As part of the liberalisation of exchange controls, the Finance Minister announced the removal of the exit levy applicable to the release of South African emigrants’ blocked assets in 2010.
The SARB is reviewing the judgment and an appeal will be considered in consultation with the National Treasury.
Enquiries:
Hlengani Mathebula, Head: Group Strategy and Communications
Tel: 012 313 4210
Cell: 082 448 9219
Hlengani Mathebula, Head: Group Strategy and Communications
Tel: 012 313 4210
Cell: 082 448 9219
