• IS provokes sea-change

    It has been a grave mistake to defy both Russia and France, says Leopold Scholtz.

  • Nene's SAA nemesis

    No political figure seems to have the guts to speak out against Dudu Myeni, says Solly Moeng.

  • The mp3 revolution

    Ian Mann takes a look at the war between digital music and the compact disc.

All data is delayed
See More

Standard Bank to appeal R528m fine

Dec 07 2012 12:40


Company Data


Last traded 143
Change 2
% Change 1
Cumulative volume 2774153
Market cap 0

Last Updated: 27-11-2015 at 05:06. Prices are delayed by 15 minutes. Source: McGregor BFA


Last traded 133
Change -3
% Change -2
Cumulative volume 2352859
Market cap 0

Last Updated: 27-11-2015 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA


Last traded 2143
Change -57
% Change -3
Cumulative volume 937782
Market cap 0

Last Updated: 27-11-2015 at 05:05. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Standard Bank slapped with R528m fine

Standard Bank seals Argentina deal

Standard scoops global finance awards

Standard Bank is SA’s greenest company

Argentina nods ICBC's Standard takeover

Standard Bank to cut London jobs


Johannesburg - Standard Bank Group [JSE:SBK] said on Friday it would appeal an arbitration ruling to refund at least R528m worth of shares to a union pension fund. 

"Standard Bank will, within a week, appeal the whole of the award of the arbitrator," Africa's largest lender said in a statement, adding the arbitrator had failed to take into consideration several mitigating issues. 

An arbitrator ordered the bank this month to pay at least R528m worth of shares to a pension fund belonging to the South African Commercial, Catering and Allied Workers Union. 

The case, which had previously been in litigation in a high court, dates back to a 2002 deal between the bank and the fund in which the fund lent Standard Bank shares and was later repaid. 

The arbitrator ruled the deal should have never happened and ordered Standard Bank to surrender shares in mobile firm MTN Group [JSE:MTN] and media company Naspers [JSE:NPN] worth about R528m, based on this week's prices.

The bank's shares were down 1.10% to R107.33 on the JSE on Friday.  

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

saccawu  |  standard bank group


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
Comments have been closed for this article.

Company Snapshot

We're talking about:


Marketing is a big concern in SA's small business community, followed by a lack of confidence and partnering with the wrong people, according to a survey.

Money Clinic

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

Voting Booth

The 25 basis points interest rate increase is:

Previous results · Suggest a vote