FNB\'s million a month account outlawed
Publish date: 18 December 2006
Issue Number: 1730
Diary: Legalbrief Today
Category: In Court
The Pretoria High Court handed down a decision on Friday outlawing First National Banks million a month account.
The court ruled in favour of the National Lotteries Board that claimed the product contravened the National Lotteries Act, because it effectively ran a lottery by taking subscriptions from clients who then stand to win R1m, according to Moneyweb. FNB, which plans to appeal, argues that there is no subscription process because the money always remains that of the client. Full Moneyweb report
