A limited victory: IP and exchange control
In the culmination of a widely followed case, on 1 October 2014 the Supreme Court of Appeal ordered the South African Reserve Bank (SARB) to repay Mark Shuttleworth over R250 million plus interest. The money had been levied against Shuttleworth when he applied to transfer his assets out of the country in 2009. He had emigrated from South Africa several years before that, and the prevailing practice at the time was to levy an exit penalty of 10% on any person who emigrated and wished to transfer more than R750,000 from South Africa. This exit levy was dropped in 2010, but this was too late for...
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