When Can A Decision By The JSE Be Overturned?

In the decision of Absa Bank Ltd v Ukwanda Leisure Holdings (Pty) Ltd 2014 (1) SA 550 (GSJ), two of the issues that the South Gauteng High Court (as it then was) was tasked with deciding were:

• whether the JSE Ltd (JSE) exercised administrative action in terms of the Promotion of Administrative Justice Act, 2000 (PAJA), when it expressed its view that a particular trading member had not breached the exchange's Derivative Rules; and
• if it did constitute administrative action, whether Ukwanda Leisure Holdings (Pty) Ltd (Ukwanda) was permitted to set aside the decision indirectly, without reviewing the JSE's decision.

In this case:

• ABSA Bank Ltd (ABSA) instituted proceedings against Ukwanda for payment of an amount of approximately R732 million.