PRETORIA - A landmark case before the High Court in Pretoria could reshape banking liability in South Africa.
The SA Revenue Service is suing Sasfin Bank for R4.8-billion, claiming it helped 19 delinquent taxpayers illegally transfer over R8-billion offshore without paying taxes.
Sasfin’s lawyer, Wim Trengove, warned that a win for Sars could expose banks to unlimited liability for client misconduct with serious risks for the entire financial system.
The case stems from a 2023 exposé linking Sasfin to alleged gold smuggling networks.