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Shuttleworth wins R250m case against Sarb

Cape Town - Billionaire businessman Mark Shuttleworth has won his appeal against the SA Reserve Bank and was awarded R250m with interest by the court of appeal.

Shuttleworth first made the headlines when he sold his tech company Thawte in 1999 to VeriSign for $575m.

When Shuttleworth moved to the Isle of Man he took his fortune with him and was slapped with a R250m exchange control levy by Sarb.

Shuttleworth said in a statement on Wednesday exchange controls in South Africa provide no economic guarantees of stability, but drive up the cost of cross-border relationships for everyone.

"The South African Supreme Court of Appeal today found in my favour in a case about exchange controls. I will put the returned funds of R250m plus interest into a trust, to underwrite constitutional court cases on behalf of those who’s circumstances deny them the ability to be heard where the counterparty is the State".

He said exchange controls may appear to be targeted at a very small number of South Africans "but their consequences are significant for all of us: especially those who are building relationships across Southern Africa such as migrant workers and small businesses seeking to participate in the growth of our continent".

Shuttleworth said it is more expensive to work across South African borders than almost anywhere else on Earth, purely because the framework of exchange controls creates a cartel of banks authorised to act as the agents of the Reserve Bank in currency matters.

"We all pay a very high price for that cartel, and derive no real benefit in currency stability or security for that cost."

Read his full statement.

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