Lawyers for Viceroy Research, the activist short-seller that was fined R50m by the Financial Sector Conduct Authority (FSCA), have sent a scathing letter to regulators accusing them of “scurrilous” behaviour and demanding they hand over certain information within 24 hours.

The letter by Johannesburg-based legal firm Snaid & Morris accuses the FSCA of making “defamatory” statements against Viceroy in a press release issued on Wednesday when the R50m fine was announced. The FSCA slapped Viceroy with the administrative penalty for a report on January 2018 that accused Capitec, SA’s biggest bank by client numbers, of being a “loan shark” and a “wolf in sheep’s clothing”. The FSCA deemed the report to be false, misleading and deceptive...

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