Billionaire Mark Shuttleworth certainly did well when he
disposed of his business – he realised approximately
R4,2bn.
He decided to emigrate from South Africa on February 23 2001. As
a result, the assets located in South Africa were blocked. In order
to remit the funds from South Africa, Shuttleworth was required to
pay a 10% levy of R250 474 893 to the South African Reserve
Bank.
This wasn't the first time Shuttleworth had to pay a 10%
levy of for wanting to take assets out of the country. Under the
rules in place governing exchange control, he was required to
submit an application to transfer his blocked assets out of South
Africa via an authorised dealer, that is, a commercial bank
authorised to deal in foreign exchange, and submitted an
application via his bank, namely, Standard Bank.
