Loading...
See More

Standard Bank to appeal R528m fine

Dec 07 2012 12:40 Reuters

(Supplied)

Company Data

MTN GROUP LIMITED [JSE:MTN]

Last traded 230
Change -2
% Change -1
Cumulative volume 521673
Market cap 0

Last Updated: 22-05-2015 at 11:28. Prices are delayed by 15 minutes. Source: McGregor BFA

STANDARD BANK GROUP LIMITED [JSE:SBK]

Last traded 169
Change 1
% Change 1
Cumulative volume 703664
Market cap 0

Last Updated: 22-05-2015 at 11:27. Prices are delayed by 15 minutes. Source: McGregor BFA

NASPERS LIMITED [JSE:NPN]

Last traded 1844
Change 22
% Change 1
Cumulative volume 173151
Market cap 0

Last Updated: 22-05-2015 at 11:28. 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
6 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

SMALL BUSINESS

There are no formal training requirements for becoming a beautician in South Africa. But it is highly recommended you complete a course in beauty therapy.
 

Money Clinic

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

Voting Booth

Government’s decision to withhold payment to municipalities in debt to Eskom is:

Previous results · Suggest a vote

Loading...