Mark Shuttleworth wants the Reserve Bank to refund him

By Drum Digital
11 June 2013

Billionaire and spaceman Mark Shuttleworth has taken the SA Reserve Bank to the courts.

Mark wants more than R250 million exit levy imposed on him for transferring more than R2 billion overseas by the Reserve Bank refunded.

IOL quotes his rep as saying the entire existing system of exchange control in SA was unconstitutional.

The Reserve Bank defended its actions by stating the levy was in accordance with its policy, as set out in a circular, based on a 2003 budget speech by then finance minister Trevor Manuel to Parliament, reports the site.

Arguments on behalf of the Reserve Bank and the government will be presented today.

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