Data provided by iNet BFA
Loading...
See More

Banks taken to task over repossessions

Aug 17 2012 15:04

Company Data

BARCLAYS AFRICA GROUP LIMITED [JSE:BGA]

Last traded 168.71
Change 1.21
% Change 0.01
Cumulative volume 456096
Market cap 143.02bn

Last Updated: 02/09/2014 at 04:25. Prices are delayed by 15 minutes. Source: McGregor BFA

STANDARD BANK GROUP LIMITED [JSE:SBK]

Last traded 138.70
Change 0.77
% Change 0.01
Cumulative volume 1828094
Market cap 224.46bn

Last Updated: 02/09/2014 at 04:25. Prices are delayed by 15 minutes. Source: McGregor BFA

NEDBANK GROUP LIMITED [JSE:NED]

Last traded 231.60
Change 0.85
% Change 0.00
Cumulative volume 604699
Market cap 115.63bn

Last Updated: 02/09/2014 at 04:25. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Nedbank offers hi-tech debt monitoring

Would you buy a house with your friend?

Young women trump men on home loans

Absa profit down on bad debts

More blacks applying for home loans

First-time homebuyers on the rise

 
Cape Town - An advocacy group has taken SA's big four banks as well as the SA Reserve Bank (Sarb) to the high court for a full investigation into the banking system and seeks to halt all legal action by the banks, according to a report.

The New Economic Rights Alliance has called for the the system of money-lending by Absa Group [JSE:ASA], Standard Bank Group [JSE:SBK], FNB and Nedbank Group [JSE:NED] to be declared unlawful, TimesLive reported.

The group's legal representative, Raymond Hicks, said in the report that thousands of homeowners had their homes unlawfully repossessed by the banks.

"Banks are lending out computer-generated promises used as money but the assets they foreclose on, and the lives they destroy, are very real," the advocacy group is quoted as saying.

The four banks and Sarb have reportedly received summonses.

"Absa does not believe that the action has any merit and intends defending the matter at an appropriate time," a legal representative for Absa is quoted as saying.

An FNB spokesperson told the publication the bank would defend the allegations, and that it was an industry matter.

The rights group claims to have about 115 000 supporters and 1 000 co-plaintiffs.

The case is expected to be heard by the middle of 2013.

 - Fin24

* Follow Fin24 on Facebook, Twitter and Google+.


NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
33 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

“Hippie sense makes business sense,” an entrepreneur said, adding that "purpose" was core to success.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...