Cadac Application Fails

The Financial Services Board (FSB) confirmed in a media release that an application for leave to appeal in a matter brought by Simon Nash, CEO at Cadac, against the regulator and a number of other parties, was dismissed by the Constitutional Court of South Africa.

In its ruling the Constitutional Court concluded that the application should be dismissed as it bore no prospects of success.

The application was founded on an allegation that documents, allegedly subject to legal privilege, had been provided in breach of that privilege to both the FSB and Tony Mostert, curator of the Sable pension fund, by Nash’s former attorney, Ms June Marks. In the application Nash sought an order compelling all parties who had been privy to the information to disclose what information they have received and from whom. The application was dismissed by the Johannesburg Division of the Gauteng High Court with costs on a punitive scale during April 2014. A subsequent application for leave to appeal to the Supreme Court of Appeal was dismissed with costs during July 2014.

With reference to the latest ruling by the Constitutional Court in refusing leave to appeal, Dube Tshidi, Executive Officer of the FSB, said that the application was without merit and that he was pleased that the matter has been finalised and that the regulator would follow the progression of the criminal case against Simon Nash based on the alleged unlawful stripping of surplus funds of the Sable pension fund.

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