Mark Shuttleworth’s case can devastate South Africa: Reserve Bank

Creag

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Is Gauntlett a paid-for drama queen? He certainly sounds like the part. Let the Judge decide the merits of his arguments.
 

Murmaider

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All the SARB can say is "it's devastating for South Africa" but they fail to mention why exactly...

I think it's about time our exchange control got reviewed, with the internet and the way the world is today, we need to step up into the world economy and the current exchange controls hamper local businesses trying to operate in a global economy.

If Judgement is passed in favour of Shuttleworth, I'm keen to see how many other companies will jump on this and fund the case and provide resources for it.
 

tRoN

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Ok before anyone else says it....lets throw down the Gauntlett
 

tRoN

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Lets also scrap income tax while we at it!
 

MKFrost

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Let's not forget the free airtime and data while we are at it...

On a serious note though, it will be devastating for the SARB as they will no longer be able to skim their 10% on funds and also force those who immigrate to either leave their funds here and or pay the price.... nothing more than financial blackmail.

If they instead take the time to be more proactive and actually do something around sound policies they can have double the opposite effect i.e. large inflows through increasing investor confidence. But, as usual, its so far easier to shift the blame than to actually do something about the larger problem.
 

AlmightyBender

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So pretty much all other emerging economies are allowed to have exchange controls, but we aren't? If you think R10 to the dollar is bad then you're just going to love the increased volatility that comes with dropping exchange controls.
 

HavocXphere

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Fck. There are many things wrong with this country. The Reserve Bank is not one of them.

protecting the currency
Yeah thats great. 10 internet points says the ZAR will tank after this foolhardy announcement.

The current course of action will (possibly) save Mark Shuttleworth a pile of money while (definitely) screwing over SA. Kindly GTFO Mark.
 

MKFrost

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Scrapping exchange controls does not necessarily mean that the currency will go into free fall, quite the opposite.

In our case however I fear that yes, we might go into a bit of a dive but that is because our government is unable to support the currency through sound economic policies and leadership. So a dive might be just the wake-up call we need.
 

HavocXphere

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Is'nt the SARB owned by private and foreign shareholders?
They are privately owned yes. The shareholders have little say though & for the purposes of this discussion its mostly irrelevant. As I said, the SARB isn't the problem.
 

warchylde

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Ok just to link certain things together to makes this a bit more sense.

The ANC is bulldozing another bill into existence (Expropriation bill), it has either been passed or in the process of being passed. I care not which, I only care as the bill is even being tabled.

http://www.bdlive.co.za/opinion/2013/06/10/bills-threaten-the-property-rights-of-all-south-africans

The reason Mr Shuttleworth is fighting this battle is for the benefit of ALL of South Africa, it is so that when the seizures of personal assets (and yes the bill is formulated in such a fashion that it includes immovable and movable aka cash based assets) start, individuals and companies can remove any assets they have from this crumbling regime of manure.

Should he win it will allow corporations and individuals to remove their assets at a fast pace. Which in turn will send RSA into a full depression. The ANC learnt from the mistakes in Zim and this is how they plan to battle it.

I for one am crossing all limbs to hope for success with this as it will give people the free choice (as a democracy should have) to stay or go without consequence.

It may be a little tinfoil hat for many but it seems rather obvious to me.
 

j4ck455

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“He quite deliberately decided to attack the heart of the [highlight]scheme[/highlight] and seeks to bring down the pillars of [highlight]the temple[/highlight],” said Gauntlett.

Temple? :wtf: At least this Gauntlett snake admitted to the plotting and scheming that takes place in his temple of doom.

“If the applicant succeeds in striking down Section Nine of the Currency Act and declaring all orders and rules unconstitutional, there would be no inhibition on removing capital from this country at all.

“Section Nine is the heart of the exchange control system and he wants to knock [it] down.”

Nothing to do with Shuttleworth taking his money out of a country run by a parasitic government that is corrupt to the core, but SA's exchange controls are a huge disincentive for foreign investors: bring money into SA and the cANCer government will never let you have it back again, or you will lose your money to civil unrest or strike action, therefore do not invest your money in SA to start with.

Is Gauntlett a paid-for drama queen? He certainly sounds like the part. Let the Judge decide the merits of his arguments.

Gauntlett also represented National Treasury in court opposing OUTA, Gauntlett seems to share a bed with the cANCer government.
 

warchylde

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So pretty much all other emerging economies are allowed to have exchange controls, but we aren't? If you think R10 to the dollar is bad then you're just going to love the increased volatility that comes with dropping exchange controls.

Don't be daft, most countries have scrapped exchange control. It is well known that we have the most hardcore system in place.
 

warchylde

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Scrapping exchange controls does not necessarily mean that the currency will go into free fall, quite the opposite.

In our case however I fear that yes, we might go into a bit of a dive but that is because our government is unable to support the currency through sound economic policies and leadership. So a dive might be just the wake-up call we need.

it will increase support from foreign sources as it will decrease risk for investors. The Rand will not take much of a dip (the dip will be caused by the world economy holding their breaths to see what stupid thing Showerhead Zupta has to say)
 
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Picard

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If this goes to court, how long do you think will this process take?

Will this be another one of those cases that will take for years and eventually cost Shuttleworth more than the R200 million that he could have just paid to get his money out?
 

warchylde

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If this goes to court, how long do you think will this process take?

not less than 2 years I wager.... It won't cost him 200 mil but it will cost a lot. He will be able to move his remaining assets out without interference and that will save him much more than the cost.
 
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