Advertisements
Home » Business » Ubuntu Founder loses fight to cancel $20m bank fee

 

ubuntu-logo

Mark Shuttleworth has lost his long-running fight to reverse a US$20m (£12.8m) bank charge levied after he transferred a fortune out of South Africa.

In 2001, Shuttleworth, the founder of Ubuntu Linux maker Canonical, emigrated from his home nation of South Africa to the Isle of Man. In 2008, he tried to withdraw R2.5bn (US$204m, £128m) from his account in the South African Reserve Bank. The bank, under orders from the SA finance minister, withheld 10 per cent of the transfer as an exit charge.

Shuttleworth was furious, and took the bank to a High Court in Pretoria to claim back his millions, basically calling the whole thing unconstitutional. The court said the exit charge was legit, but decided some of the currency exchange rules surrounding the fee were unlawful and unconstitutional. Shuttleworth took the matter higher to the Supreme Court of Appeal, which said the rules were valid, but the bank charge was not. The SA government and reserve bank also launched a cross-appeal. What a mess.

The Linux entrepreneur’s case finally ended up before the South Africa Constitutional Court, which on Thursday this week ruled [PDF] that the South African Reserve Bank was right all along to withhold the wedge.

Via The Register

Advertisements

Comments

comments

Subcribe to my feed Follow on Twitter Like On Facebook Email to us

Latest

office365 - Gsuite G Suite Vs Office 365 Who Wins This Round – Messaging
pandora now SiriusXM and Pandora Launch Pandora Now
log Legislating the Road to the Future: How Digital Transformation is Changing the Logistics Industry
apple health The Hottest Training Technologies That You Cannot Overlook
vpn How VPNs are helping people protect their privacy

New Book Now Available

My new book is now available on LeanPub. Buy it once and get lifetime updates everytime it’s updated. You never need to buy it again.

Buy Now

Subscribe to The Technology Geek email newsletter to stay up to date on the latest tech news!