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Omut applies for leave to appeal Living Hands judgment

Financial publication Citywire broke the news late on Friday afternoon that Old Mutual Unit Trust Managers (Omut) has applied to the South Gauteng High Court for leave to appeal the Living Hands judgment.

Last month, Judge Thina Siwendu ordered Omut to pay more than R1.7 billion in damages, plus costs, for losses suffered by the Living Hands Umbrella Trust, which was controlled by Fidentia.

Read: Old Mutual to appeal R1.7bn judgment in favour of Living Hands

Read: Old Mutual/Living Hands judgment: consider your verdict

According to Citywire, if the court grants the leave to appeal, Omut wants to file its appeal with either the Supreme Court of Appeal in Bloemfontein or a full bench of the South Gauteng High Court.

It said Omut’s application opposed Judge Siwendu’s ruling in numerous aspects and used the words “the court erred” at least 25 times.

According to Citywire, Omut’s application submitted that the judge:

  • Failed to consider the burden she placed on financial institutions to repay funds under their control only after investigating what might happen to those funds;
  • Erred in finding that Omut was negligent;
  • Made a mistake in finding that Omut should have made reports to Standard Bank and the Registrar of Collective Investment Schemes;
  • Failed to say precisely what Omut should have reported; and
  • Erred in upholding the claim brought by the three Living Hands trustees and not dismissing it and the costs of three counsel.

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