12 Things You Didn’t Know About South African Millionaire Mark Shuttleworth

Avatar
Written by Peter Pedroncelli

South African entrepreneur Mark Shuttleworth
South African entrepreneur Mark Shuttleworth – mg.co.za

Legal battle with the SA Reserve Bank part 1

When Shuttleworth moved approximately $177 million in capital from South Africa to the Isle of Man, the South African Reserve Bank decided that a $17.7 million levy would need to be paid in order to release the businessman’s assets. Shuttleworth appealed, and won a legal battle against the Reserve Bank, which was ordered by the supreme court of appeal to repay the levy amount with interest.