BEATING THE BANKS
CARMEL RICKARD: Unexpected justice for one man fighting banking Goliath
A case in North West proves that sometimes urban legends are real, and that ordinary people can get justice
That urban legend about a series of property deals in which each depends on the one that went before, with the potential for it all to collapse like dominoes? It might not be so much of a legend after all. A new judgment from the high court in North West deals with such a situation, but with a sharp twist in the tale — the court ordered each transaction and registration scrapped, with interest and costs against the original seller. Makubalo vs Nedcor Bank is not just a good story, however, and the case deals with far more than whether urban legends about consecutive, contingent property deals have any truth. Rather, it spotlights the often avaricious nature and practices of banks and offers something to cheer about because, for once, the bank fails to triumph over the ordinary account holder. Joel Makubalo, the account holder in question and the target of the bank, bought property in Rustenburg financed by Nedcor. He had some problems at work and was dismissed, sparking legal action...
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