The Supreme Court of Appeal (“SCA”)
recently handed down judgment in Tshaka NO and others v The
Standard Bank of South Africa Limited and another in which it
reminded account holders to take heed of requests from their
bank.
In this matter, the SCA dismissed an application instituted by
the trustees of Bakubung-Ba-Ratheo Economic Development Trust
following an allegedly fraudulent transfer of ZAR9.5 million from
its account held with the Standard Bank of South Africa
Limited.
Facts
As was permitted under the trust deed, the trustees opened a
bank account. The application forms completed by trustees at the
time of opening the account with Standard Bank provided that Nyasa
Tengawarima and Choice Franscina Tshetlhe were authorised
signatories.