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Mark Shuttleworth heads back to court

by isleofman.com 26th August 2014
Manx-based entrepreneur Mark Shuttleworth is taking on South Africa’s Reserve Bank this week, trying to claim back R250 million.
The money was levied by the bank when Mr Shuttleworth moved assets out of South Africa as he moved to the Isle of Man.
On Thursday, he’ll argue against an earlier decision which dismissed his claim at the country’s Supreme Court of Appeal in Bloemfontein.
He paid the levy under the Exchange Control Regulationsin 2001 as he moved R2.5 billion out of the South Africa through Standard Bank.
Last year, he won part of his case claiming parts of the law were unconstitutional – the Reserve Bank will cross-appeal those points.
Posted by isleofman.com
Tuesday 26th, August 2014 08:47pm.

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