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Court ruling on EFT payments: Car buyer's responsibility in cybercrime cases
Court ruling on EFT payments: Car buyer's responsibility in cybercrime cases

IOL News

time3 days ago

  • Business
  • IOL News

Court ruling on EFT payments: Car buyer's responsibility in cybercrime cases

In a case involving cybercrime, the Supreme Court of Appeal ruled that it is the duty of a buyer to ensure that the money is paid into the seller's correct bank account. Image: EPA Cybercrime has emerged as a focal point in a recent legal dispute before the Supreme Court of Appeal, which ruled that payment through electronic funds transfer (EFT) is only deemed complete once the funds are received by the correct account holder. This judgment followed legal proceedings between two car sale companies – with the one who bought two bakkies from the other only to discover after delivery of the vehicles that cybercriminals had intercepted the electronic payment made for the vehicles. None of the parties were prepared to take the financial loss, and the seller initially turned to the regional court in Louis Trichardt to get its R290,000 back – the price at which it sold the two bakkies. The lower court earlier ruled that Hyundai Louis Trichardt had to pay Northcliff Nissan the R290, 000 for the vehicles. The magistrate reasoned that the two car dealerships had a contract in place and, cybercrime or not, Northcliff Nissan was due payment for the two bakkies. Aggrieved with this judgment, Hyundai successfully turned to the Limpopo High Court, sitting in Thohoyandou, to appeal the lower court's verdict. But Northcliff Nissan took the matter on appeal to the SCA. The risk of erroneous payment due to the cybercrime was that of the payer in this instance, the SCA found. 'A debtor bears the risk of misdirected EFT payments and must ensure that the payment is made to the correct bank account,' it said. 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 Next Stay Close ✕ The court added that the onus of proof in contract disputes over payment lies with the payer (debtor). 'Cybercrime risks do not automatically shift liability to the payee, and the courts will not impose an overarching legal duty on creditors to protect debtors from cyber fraud,' the court said. The court was told that in October 2018, Hyundai purchased two Nissan bakkies from Northcliff Nissan for the sum of R145,000,00 each. Northcliff Nissan emailed the invoices for both vehicles to the buyer. The invoices provided details of the nominated bank account for payment of the purchase price for the bakkies. On the same day, Hyundai paid for one bakkie and emailed proof of payment to Northcliff Nissan, after which the bakkie was then delivered. A few days later, Hyundai made another payment and took delivery of the second bakkie. At that stage, no one realised that cybercriminals were at work. Approximately a week later, Northcliff Nissan told Hyundai that payment of the purchase price for the bakkies had not been reflected in its bank account. It then became clear to the parties that the emails had been intercepted and the bank account details on the invoices were altered by a cyber fraudster. The parties realised that they were victims of business email compromise (BEC), a cybercrime that has become popular in this technological age of electronic communication and payment. Cape Argus

Clifton apartment sells for new South African record price
Clifton apartment sells for new South African record price

The South African

time25-06-2025

  • Business
  • The South African

Clifton apartment sells for new South African record price

A luxury apartment in Clifton has sold for a staggering R145 million, setting a new benchmark for the most expensive apartment ever sold in South Africa. The five-bedroom residence, situated on the shoreline of 1st Beach, features state-of-the-art finishes, sweeping ocean views, and expansive entertainment areas that reflect the highest standards of coastal living. Industry experts say the property likely exceeds 300 square metres, with spacious en-suite bedrooms, modern open-plan design, private terraces, and bespoke fittings. While the identity of the seller remains undisclosed, the buyer has been reported as a former South African now residing in Monaco. This transaction surpasses the previous record of R120 million for an apartment in the country and highlights the growing demand for ultra-high-end properties in the Atlantic Seaboard area, particularly Clifton – often dubbed South Africa's 'Billionaire's Row'. According to John Lawson, CEO of the Cape Chamber of Commerce and Industry, the record sale reflects a broader trend of property investors favouring Cape Town over other parts of South Africa due to its functional governance, reliable infrastructure, and high quality of life. 'There's a noticeable gap between Cape Town and other metros when it comes to service delivery. That difference is being reflected in the property market,' Lawson said. In recent years, Cape Town has consistently outperformed other metros in terms of attracting both local and international buyers, especially in high-net-worth sectors. Property in Clifton continues to command premium prices, driven by limited supply, world-class amenities, and spectacular coastal views. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.

Top 10 stories of the day: Shivambu appeals for volunteers
Top 10 stories of the day: Shivambu appeals for volunteers

The Citizen

time22-06-2025

  • Politics
  • The Citizen

Top 10 stories of the day: Shivambu appeals for volunteers

Here's your daily news update for Sunday, 22 June 2025: An easy-to-read selection of our top stories. News today includes Floyd Shivambu making a public appeal for progressive volunteers just a day after being snubbed from his party's parliamentary list. He suggested that the appetite for another political option in South Africa is strong. Then, the United States carried out strikes on Iranian nuclear sites but it raised two major questions: how effective were they, and what will Iran do next? Meanwhile, a record-breaking purchase has been sealed in Clifton, with a five-bedroom apartment sold for a whopping R145 million. Weather tomorrow: 23 June 2025 The South African Weather Service (Saws) said a cold front will continue to pass over the southern parts of the country on Monday. Get the full weather forecast here. Top 10 stories Shivambu makes public appeal for progressive volunteers Floyd Shivambu has made a public appeal for progressive volunteers just a day after his parliamentary list snub. Former MK party secretary-general Floyd Shivambu. Picture: Gallo Images / Fani Mahuntsi After being removed as uMkhonto weSizwe (MK) Party secretary-general, Shivambu was expected to be sent to serve in parliament, but was left off the list of names announced by the party on Saturday. Shivambu said on Thursday that he would not be leaving the MK party or forming a new political party, but instead would engage with community leaders on a possible way forward. In a video address posted on Sunday morning, he spoke of the positive response he had received. CONTINUE READING: Shivambu makes public appeal for progressive volunteers Did the US strikes succeed, and how will Iran respond? The United States' strikes on Sunday on Iranian nuclear sites raised two major questions: how effective were they, and what will Iran do next? This satellite picture taken on June 22, 2025, shows a close-up view of craters after US strikes on Iran's Fordow Fuel Enrichment Plant (FFEP), northeast of the city of Qom. Picture: Satellite image 2025 Maxar Technologies / AFP US President Donald Trump said the air raids 'totally obliterated' the main nuclear sites, calling them a 'spectacular military success'. So far, Tehran has given little away about its response, although Foreign Minister Abbas Araghchi said the United States had 'crossed a very big red line'. CONTINUE READING: Did the US strikes succeed, and how will Iran respond? Record breaking Clifton apartment: Here is how much it sold for The lifestyles of the rich and the famous have no better setting than the opulent streets of Clifton. Image for illustrative purposes. Picture: iStock To rubber stamp the suburb's position as the premier location for wealthy property owners, a record-breaking purchase has been sealed. A five-bedroom apartment along Clifton's 1st Beach has reportedly just been purchased for a whopping R145 million. CONTINUE READING: Record breaking Clifton apartment: Here is how much it sold for — report SA engineers unlawfully jailed in Equatorial Guinea are 'safely back home' Frik Potgieter and Peter Huxham, the two South African engineers who spent more than two years in jail in Equatorial Guinea, have finally returned home. South African engineers Frik Potgieter and Peter Huxham returned home on Saturday night after being detained in Equatorial Guinea for more than two years. Picture: X/@RonaldLamola According to their families, the men were able to return to South Africa after receiving a pardon from Equatorial Guinea's President Teodoro Obiang Nguema Mbasogo. Potgieter and Huxman had been detained since 9 February 2023 and were facing drug trafficking charges. They were arrested while working in the country for the company SBM Offshore. The families had maintained that these charges were fabricated. CONTINUE READING: SA engineers unlawfully jailed in Equatorial Guinea are 'safely back home' Higher education minster accused of covering up tender irregularities Fresh accusations of mismanagement have been made against Minister of Higher Education and Training Nobuhle Nkabane. Minister of Higher Education and Training, Dr Nobuhle Nkabane. Picture: Screenshot/ SABC YouTube The minister was this week accused of ignoring claims of corruption at the Construction Education and Training Authority (Ceta), despite documented evidence submitted by a whistleblower. This adds to Nkabane's shaky tenure a minister after she was accused of lying to parliament about Sector Education and Training Authority (Seta) appointments. Nkabane is now being accused of covering for Ceta CEO Malusi Shezi, who a former employee believes is involved in tender rigging. CONTINUE READING: Higher education minster accused of covering up tender irregularities — report Five more stories of the day: Yesterday's news recap READ HERE: Top 10 stories of the day: Shivambu not going to parliament | Wanted kidnapper killed during raid | Two soldiers stabbed to death

Record breaking Clifton apartment: Here is how much it sold for — report
Record breaking Clifton apartment: Here is how much it sold for — report

The Citizen

time22-06-2025

  • Business
  • The Citizen

Record breaking Clifton apartment: Here is how much it sold for — report

Cape Town continues to be a haven for high-end property as international investors seek beauty and stability. The lifestyles of the rich and the famous have no better setting than the opulent streets of Clifton. To rubber stamp the suburb's position as the premier location for wealthy property owners, a record-breaking purchase was been sealed. Cape Town's property market continues to thrive, with industry experts attributing the city's appeal to its overall 'value proposition'. Luxury Clifton home A five-bedroom apartment along Clifton's 1st Beach has reportedly just been purchased for a whopping R145 million. The property is furnished with the highest quality finishings and offers the mesmeric views of the ocean that are synonymous with the Atlantic Seaboard. Lance Cohen of Lance Real Estate secured the deal, revealing that the buyer was a former South African living in Monaco. Cohen told the Sunday Times that the sale represented the 'record for the highest price paid for an apartment sold in South Africa,' claiming the previous record was R120 million. The average asking price of homes currently on the market in Clifton range between R30 million and R60 million, making this sale an eye-catching purchase. Other properties currently being marketed by Cohen include a six-bedroom house in Fresnaye for R75 million and R95 million four-bedroom house also located in Fresnaye. Cohen could break his Clifton record again if a five-bedroom house currently for sale sells for its asking price of R160 million. Cape Town very attractive While the sale may represent the highest paid for an apartment, South Africa's most expensive home was reportedly sold for roughly R700 million in 2023. Known as Casablanca, an eight bedroom and 13-bathroom Camps Bay colossus is believed to have fetched a cool US$35 million. The Residential Property Price Index released by Stats SA earlier in June shows Cape Town over 10 index points higher than Johannesburg. For first time property sales and resold properties, Cape Town is ahead of Johannesburg by almost 15 and 13 index points, respectively. Cape Chamber of Commerce and Industry CEO John Lawson credits this to the Mother City's overall functionality. 'The gaping disparity mirrors a similar trend in municipal infrastructure development and service delivery, with property investors favouring Cape Town's value proposition,' stated Lawson. NOW READ: 8 tips for investing in South African commercial property

EFT payments and cybercrime: Court says car buyer is liable to ensure money is paid into the correct account
EFT payments and cybercrime: Court says car buyer is liable to ensure money is paid into the correct account

IOL News

time22-06-2025

  • Business
  • IOL News

EFT payments and cybercrime: Court says car buyer is liable to ensure money is paid into the correct account

In a case involving cybercrime, the Supreme Court of Appeal ruled that it is the duty of a buyer to ensure that the money is paid into the seller's correct bank account. Image: File Cybercrime was once again the topic of a legal wrangle - this time before the Supreme Court of Appeal, which found that payment via electronic transfer (EFT) is only complete when the funds are received by the correct account holder. This judgment followed legal proceedings between two car sale companies – with the one who bought two bakkies from the other only to discover after delivery of the vehicles that cybercriminals had intercepted the electronic payment made for the vehicles. None of the parties were prepared to take the financial loss, and the seller initially turned to the regional court in Louis Trichardt to get its R290,000 back – the price at which it sold the two bakkies. The lower court earlier ruled that Hyundai Louis Trichardt had to pay Northcliff Nissan the R290, 000 for the vehicles. The magistrate reasoned that the two car dealerships had a contract in place and, cybercrime or not, Northcliff Nissan was due payment for the two bakkies. Aggrieved with this judgment, Hyundai successfully turned to the Limpopo High Court, sitting in Thohoyandou, to appeal the lower court's verdict. But Northcliff Nissan took the matter on appeal to the SCA. The risk of erroneous payment due to the cybercrime was that of the payer in this instance, the SCA found. 'A debtor bears the risk of misdirected EFT payments and must ensure that the payment is made to the correct bank account,' it said. 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 Next Stay Close ✕ Ad Loading The court added that the onus of proof in contract disputes over payment lies with the payer (debtor). 'Cybercrime risks do not automatically shift liability to the payee, and the courts will not impose an overarching legal duty on creditors to protect debtors from cyber fraud,' the court said. The court was told that in October 2018, Hyundai purchased two Nissan bakkies from Northcliff Nissan for the sum of R145,000,00 each. Northcliff Nissan emailed the invoices for both vehicles to the buyer. The invoices provided details of the nominated bank account for payment of the purchase price for the bakkies. On the same day, Hyundai paid for one bakkie and emailed proof of payment to Northcliff Nissan, after which the bakkie was then delivered. A few days later, Hyundai made another payment and took delivery of the second bakkie. At that stage, no one realised that cybercriminals were at work. Approximately a week later, Northcliff Nissan told Hyundai that payment of the purchase price for the bakkies had not been reflected in its bank account. It then became clear to the parties that the emails had been intercepted and the bank account details on the invoices were altered by a cyber fraudster. The parties realised that they were victims of business email compromise (BEC), a cybercrime that has become popular in this technological age of electronic communication and payment.

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