Court rejects claims of FNB racism

Allegations against FNB by interest recalculator Emerald van Zyl – that some of the clients the bank obtained when it took over Saambou Bank’s home loan book were overcharged interest in terms of their loan agreements – have been rejected by the North Gauteng High Court.

Acting Judge Louis Vorster also rejected Van Zyl’s claims that FNB had perpetuated the “racist practices” of Saambou Bank by charging black people a higher interest rate than white people.

All the claims were dismissed with punitive costs in favour of FNB.

Judge Vorster said Van Zyl had failed to prove that the manner in which the interest rates were adjusted by Saambou Bank, and subsequently FNB, was unreasonable.

He also ruled that the documents in which claims by Saambou home loan clients were ceded to Van Zyl were “bad in law and of no force or effect”.

FNB chief marketing officer Bernice Samuels said the bank had now closed claims related to Saambou.

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