Last year, the Supreme Court of Appeal (SCA) ordered Sarb to repay Shuttleworth R250m, plus interest, in a case regarding exchange controls.
The dispute dates back to March 2008 when Shuttleworth applied to Sarb to transfer R1.5bn out of SA when he moved to the Isle of Man.
Subsequently, Shuttleworth paid a R250.5m exit levy when he transferred his assets out of South Africa to the Isle of Man in 2009. The levy was 10% of the value of the assets he wanted to export.
But following Shuttleworth’s victory in the SCA, Sarb and the Minister of Finance took the matter to the Constitutional Court, which has overturned the SCA ruling.
“Leave to appeal is granted against the decision of the Supreme Court of Appeal,” reads the Constitutional Court ruling.
The ruling adds the the leave to cross-appeal is granted and that the main appeal is upheld.
The Constitutional Court has also dismissed Shuttleworth’s application before the North Gauteng High Court in Pretoria.
– News24 Wire