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Reserve Bank to appeal court ruling setting aside parts of VBS report

The High Court on Tuesday found that Advocate Terry Motau failed procedurally when he did not afford former ANC Limpopo treasurer Daniel Msiza an opportunity to tell his side of the story before releasing the report.

FILE: VBS Mutual Bank in Thohoyandou. Picture: Sethembiso Zulu/EWN

JOHANNESBURG - The South African Reserve Bank (Sarb) on Wednesday said it planned to appeal the Pretoria High Court judgment that set aside parts of _The Great Bank Heist _report compiled by Advocate Terry Motau.

The Sarb was the second respondent in the matter as it commissioned Motau to compile the report.

The High Court on Tuesday found that Motau failed procedurally when he did not afford former ANC Limpopo treasurer Daniel Msiza an opportunity to tell his side of the story before releasing the report.

The Sarb’s Prudential Authority said that its legal team had advised them that they stood a good chance in appealing the judgment.

“The Prudential Authority considered the judgment and, following the senior counsel’s advice that there are good grounds to appeal the judgment, will proceed to file an application for leave to appeal. The Prudential Authority's grounds for appeal will be fully addressed in the application for leave to appeal,” said Sarb in a statement.

The central bank was ordered to pay Daniel Msiza’s legal fees as they had hired Motau to compile the report. The bank said its grounds for appeal would be made public soon.

Judge Vivian Nlhapi found that Motau was wrong not to afford Msiza a chance to respond in his investigation and set aside parts of the report.

She also found that he acted unlawfully and violated Msiza’s rights, and ordered Motau to apologise to Msiza publicly in writing.

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