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June 18, 2015 04:00 pm

Shuttleworth Loses $20m Battle With S. African Reserve Bank Over Expatriated Funds

An anonymous reader writes: Canonical founder Mark Shuttleworth has lost his long running battle with the South African Reserve Bank over a R250m exit charge ($20.5m) levied on his personal fortune when he tried to ex-patriate to his new home on the Isle of Man in 2009. The exit charge was part of a capital control system since abandoned by the South African government, which Shuttleworth had successfully argued at the Supreme Court of Appeal last year amounted to an unconstitutional tax. The Supreme Court ordered the Reserve Bank to pay Shuttleworth back. While Shuttleworth had promised to leave the R250m in South Africa as a fund for helping others to press constitutional issues to the highest court in the land, the Reserve Bank appealed to the Constitutional Court for a final appeal — which it won this morning. The upshot being that the bank gets to hold onto the money after all. One judge did offer a dissenting opinion, however, in which he said he would have dismissed the final appeal with costs. The article notes that "The irony is that the exit charge at the heart of the matter is no longer levied on transfers going out of the country."

Read more of this story at Slashdot.


Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/SAaInuy_U5I/shuttleworth-loses-20m-battle-with-s-african-reserve-bank-over-expatriated-funds

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