Nedbank scores legal victory in R15 million loan dispute
Nedbank has won a court case won in an ongoing legal battle after the Western Cape High Court dismissed an attempt by Moussa Baba to appeal a judgment holding him liable as surety for a R15 million property loan.
The court found there were no reasonable prospects that Baba's appeal would succeed and ruled that he must repay the loan, along with interest and legal costs.
Baba had signed as surety and co-principal debtor when Bestinver Company South Africa bought property in Hyde Park backed by a R15 million loan from Nedbank.
When Bestinver defaulted on repayments in 2020, the bank called in the loan. Because of the surety agreement, Baba was responsible for the full amount, plus interest and attorney-and-client costs.
In trying to overturn that ruling, Baba argued that the loan had effectively been paid off when R14 million was deposited into Nedbank's attorneys' trust account. That money had been paid by Elite Vision, a company owned by the Baba family.
After Bestinver bought the property, the company went into liquidation and another Baba family owned company, Elite Vision, agreed to buy the house.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
IOL News
4 days ago
- IOL News
Durban's uShaka Marine World launches local campaigns amid rising costs and cashflow issues
uShaka Marine World, one of Durban's most famous attractions, is working hard to reconnect with local communities Image: uShaka Marine World uShaka Marine World, one of Durban's most famous attractions, said it is working hard to reconnect with local communities and change the way people see the park. Opened in 2004 along Durban's beachfront, uShaka was created to be a major tourism hub for the city and the KwaZulu-Natal province. It features an aquarium, water park, restaurants, and various marine-related activities. "Many think it's just for kids, but there's something here for everyone from snorkelling and scuba diving to restaurants and dangerous creatures.' CEO of uShaka Ndabo Khoza told IOL. This effort to boost local interest comes as the park faces serious financial challenges. The eThekwini Municipality recently approved a R14 million cash injection to help uShaka stay afloat during the quieter months. IOL previously reported that, according to the municipality, the cashflow challenges are attributed to the current business model as well as institutional arrangements. These issues become much more pronounced during the low trading periods of the park, wherein the monthly cash generated is less than the cash required to meet the mandatory expenditure for the corresponding period. "I think the first one is that the cost of operating a facility like this is quite huge to the extent that if you were to try and pass on all those costs to the visitors, it would then render the place to be extremely expensive for people to come. "So we try and find a way of cross-subsidizing some of those costs with other secondary revenue initiatives that we've got in place but sometimes that's also still not enough whereby one would then have to be able to get a grant here and there just to balance the books so that we still keep the price of coming to UshaKa Marine and being affordable," Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ Despite the challenges, uShaka remains a key tourism destination for the city of Durban, attracting about 3 million visitors annually, with around 750,000 paying for entry to the main attractions. Khoza also outlined the financial difficulties faced by the park, noting that rising operational costs, particularly electricity and water for the large aquarium tanks, have put pressure on the budget. "I'll give you an example, the one year, the electricity increase that we had to deal with year on year, was 8 million in our bill, 8 million per annum now". "8 million at our price at that time would have meant that we need to bring in almost 28,000 more people into the park, just to be able to pay for that increase, so if you're not, then you must pass it on" To help close the gap, Khoza said uShaka is ramping up its efforts to attract local visitors, especially during off-peak periods. That includes discounted ticket prices, targeted marketing campaigns, and taking the brand directly to people in township malls and community spaces. "Everyone knows about Ushaka, but very few people have been there. If you think about it, if you ask a person why they don't go to Ushaka, they will say to you, It's expensive, and then you ask them how much it is. They wouldn't even tell you because they've just concluded that it's expensive. "So, amongst other things, we also now do this special price at certain times of the year, just to make it possible for the locals who perceive this place to be expensive for them to come and see" IOL Business Get your news on the go, click here to join the IOL News WhatsApp channel
Mail & Guardian
5 days ago
- Mail & Guardian
Inflation ticks up to 3% in June on the back of higher food prices
The main contributors to the year-on-year increase were food and non-alcoholic beverages Annual consumer On a month-on-month basis, consumer prices were up 0.3% in June compared with a 0.2% increase the previous month. The main contributors to the year-on-year increase were food and non-alcoholic beverages, which reached a 15-month high of 5.1%, adding 0.9 percentage points to the overall rate. Alcoholic beverages and tobacco followed, rising to 4.4% and contributing 0.2 percentage points. Housing and utilities inflation also accelerated to 4.4%, adding 1.0 percentage points to the headline number. The rate for goods was also higher at 2.3% from 1.8% in May, while the services component edged up to 3.7% from 3.6%. The only dampener for June inflation was the transport category, which contributed -0.5 percentage points to the overall rate. Economists said this was because petrol prices fell more slowly — by just 0.2% in June compared with 1.1% in May and 1% in April — as higher Brent crude oil prices offset the modest appreciation of the rand. The inflation rate is still within the 'Such low inflation provides considerable support for consumers given that most wage increases are higher than this low prevailing rate of inflation,' said Elna Moolman, head of macroeconomic research at Standard Bank. 'It also arguably supports the case for the Reserve Bank to cut interest rates further at the upcoming monetary policy meeting next week.' Nedbank economists expect annual inflation for 2025 to rise gradually off a low base, but to remain relatively contained as a result of 'a surprisingly resilient rand, much lower global oil prices, the gradual easing in domestic supply-side constraints, and limited demand pressure on prices'. 'Given a relatively favourable inflation outlook, the South African Reserve Bank reduced interest rates by a further The central bank's monetary policy committee — which meets once every two months to decide on interest rates — will have its next discussion next week.
Daily Maverick
5 days ago
- Daily Maverick
Why punish the children of 2025 for the apartheid sins of their parents?
Bidvest's recent handling of its bursary scheme deeply unsettles me. The company has a bursary programme for students from grades 4 to 12. The bursary covers school fees, stationery, school uniforms and assistance with extra classes. Full-time employees earning less than R15,300 per month before deductions may apply. However, the programme is only for black, coloured or Indian employees. White employees' children are explicitly excluded. It reminds me of the day I was chased out of the post office because the child in me was too naïve to see the 'whites only' notice. The door for coloured people was at the back. It also reminded me of the time when I had to wait for the train as a student at the University of the Western Cape, but couldn't sit on the bench that had the words 'for whites only' written on it. I vowed to myself that I would do everything in my power to prevent any child from being hurt like that again. If it hadn't been for a good Samaritan who took care of me when I was a poor student so that I could receive a bursary, I would not be in the position to write this article today. In its defence, Bidvest states that the trust was established in 2003 as part of a corporate social investment structure that formed part of a consortium for black economic empowerment. They further argue that in accordance with the principles and philosophy of the Broad-Based Black Economic Empowerment Act 53 of 2003, the trust was established with the sole purpose of uplifting historically disadvantaged individuals who are employees of the Bidvest Group. It has been in operation for 22 years and has been very successful in changing the lives of their employees and their families, states a release from the company's communications firm. With regards to the success of the programme, I will not argue, and I want to give Bidvest credit for the fact that 22 years ago it was indeed important to uplift historically disadvantaged black people. However, this is not what is being discussed here. On its website, the company states that they want to make a meaningful 'impact on society' in a way that is 'innovative' and that the company is 'influenced by the context within which it operates'. They want to do this in a 'unique and resilient' way within an adaptable structure. The board members of Bidvest will agree with me that the circumstances today look significantly different than 22 years ago. After 30 years of a democratic order, the playing field is completely different. Today you find poor children across a wide spectrum of South African society. It is no longer restricted to just black children. As vice-dean at the University of Stellenbosch's Faculty of Education, it was my task to administer bursaries. I am also involved in the Foundation for Empowerment through Afrikaans (Stigting vir Bemagtiging deur Afrikaans, SBA) Honours programme and Rapport's education bursary fund. Over the past 20 years I have seen how our financial landscape has changed. Poverty knows – unlike 22 years ago – no colour. Students who are dependent on bursaries have increased among all families. Therefore, no student should be disadvantaged. The only criterion should be whether the child qualifies for the bursary and whether or not their parents can afford their studies. Also, the context in which the company currently operates differs from when the bursary scheme was established. Today, all employees can progress to the boardroom. I would really like to know how Bidvest looks its staff in the eye knowing that the company has failed to help all the needy children. What impact does this have on healthy relationships in the boardroom when employees who earn the same do not receive equal treatment? I acknowledge the terms of the trust that was established 22 years ago, but surely a company that prides itself on being adaptable and innovative could have made a plan to start a new bursary scheme from which all its employees can benefit? Nelson Mandela once said: 'Education is the most powerful weapon which you can use to change the world.' These words of Madiba emphasise the transformative potential of education and highlight the critical role that education plays in promoting social, economic and political change. It is time for all of us – including Bidvest – to act on Madiba's words. Therefore, I could not remain silent when Bidvest ran a bursary programme 'only for black, coloured and Indian' children. It brings back all the pain and sorrow of the past. Children of 2025 had no part in South Africa's apartheid past. Why punish them for the sins of their forefathers? All children have dreams. All children are born in innocence. It is adults who raise children to be racists. After 30 years of democracy, it's time for us to banish words like whites, blacks, coloureds and Indians from our vocabulary. They do not belong in a democratic dispensation. According to their website, Bidvest deems all forms of discrimination based on race as illegal and they will not tolerate it. Furthermore, the company says: 'We do the right thing, even when no one else is looking.'
