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Investec & securitisation – Delaying Tactic?

 

On February the 26th NewERA are going to argue two points regarding their interdict against the banks:

New ERA logo

 

 

 

 

Investec Bank and two of their Special Purpose Vehicles (the companies who trade consumers loans on the stock exchanges) are demanding that NewERA present them with everything that they allude to in their court papers.

Everything would include all their research material, evidence, etc. NewERA say that this amounts to thousands of pages of information.

Investec’s legal team are also asking the court to force NewERA to put down R500,000 as a security deposit for future costs.  As seen recently in this case the banks can pay their advocates up to R60,000 for one day’s work.

That’s a lot of money and NewERA have reminded consumers and members that they would appreciate any funding or contributions to their case.

There is some debate as to whether this is a genuine request for information and full disclosure or just a stalling tactic by the bank’s legal team. Some of the banks have said they don’t understand what NewERA are talking about even though NewERA have sent many documents to them and are talking about systems the bank it’self uses.

 

You can visit NewERA and learn more at: www.thebigcase.co.za