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Johannesburg - A legal panel has overturned a fine of approximately R520m ($52m) against Standard Bank [JSE:SBK], reversing a ruling last year that Africa's largest bank had dealt improperly with the shares of a union pension fund.
A court last December ordered Standard Bank to pay R528m to the pension fund of the South African Commercial, Catering and Allied Workers Union (Saccawu) over a share deal which the court said should never have happened.
But an appeal panel this week overturned the decision, dismissing all of the fund's claims and ordering it to pay the lender's legal costs, Standard Bank said.
A court last December ordered Standard Bank to pay R528m to the pension fund of the South African Commercial, Catering and Allied Workers Union (Saccawu) over a share deal which the court said should never have happened.
But an appeal panel this week overturned the decision, dismissing all of the fund's claims and ordering it to pay the lender's legal costs, Standard Bank said.
