Mark Shuttleworth Heads To Court Over R250 Million

25 Aug 2014 by Jasmine Stone in Business, World

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South African born billionaire Mark Shuttleworth is heading back to court to appeal a R250 million levy that was forced upon him by the Reserve Bank.

Shuttleworth moved some R2.5 billion out of the country and into an Isle of Man account, where he lives, and was hit with taxes.

“The Reserve Bank maintains that the levy is not to raise revenue.”

He will be heard in court in Bloemfontein on Thursday, where his lawyer, Richard Glyn, and Jeremy Gauntlett, who is representing the Reserve Bank, will hopefully come to a conclusion about the matter.

Since leaving South Africa in 2001, Shuttleworth has managed to have parts of the Currency and Exchange Act declared unconstitutional, as well as fighting other aspects of the Reserve Bank regulations, such as the Exchange Control Regulations.

Mark does have money to spare, having spent about R122 million on his trip to space.

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