FNB wins cost order over racism claims
The North Gauteng High Court has ruled that FNB was entitled to a punitive cost order against bond recalculator Emerald van Zyl, who made claims of racism against the bank, says a Business Day report.
It notes the court found that Van Zyl showed a malicious disregard for the facts and an overriding desire to continue his vendetta against FNB. Van Zyl's campaign - that FNB was a racist bank - involved the ANC Youth League, Parliament and the Human Rights Commission. He claimed to represent 400 claims ceded to him by people who entered into loan agreements with Saambou Bank (later taken over by FNB), and claimed that Saambou Bank, and later FNB, overcharged them with interest in excess of what they were obliged to pay, in terms of the relevant loan agreements. The report adds in his judgment, Acting Judge Louis Vorster found that Saambou had not acted incorrectly nor unreasonably in making interest rate changes to its home-loan accounts. As such there was no claim for any damages against FNB by former Saambou home-loan customers. The judge also agreed with the request by FNB for a punitive costs order against Van Zyl. He reportedly said Van Zyl waged a widespread and successful campaign against FNB in every possible form of media. Full Business Day report (subscription needed)