Sars pushes envelope with R4.9bn Sasfin suit
Bank says it will not affect its capital position
27 February 2024 - 14:19
UPDATED 27 February 2024 - 22:40
Sasfin Bank, a niche lender that caters for small and medium-sized businesses, has been slapped with a civil summons from the SA Revenue Service (Sars) for a staggering R4.9bn plus interest and costs, in a novel lawsuit that tests the tax collection agency’s boundaries.
The claim, rejected as baseless by Sasfin, stems from Sars’ alleged inability to collect taxes and penalties from former foreign exchange clients of the bank who were involved in a criminal syndicate that colluded with some of the bank’s employees to expatriate money illegally...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.