JUDGMENT (2007)

31 May

Case no: 380/06

Not reportable

In the matter between

HERMANUS DEMPERS PRETORIUS NO 1 ST APPELLANT

SUSAN ANN PRETORIUS NO 2 ND APPELLANT

EDUARD BRAND NO 3 RD APPELLANT

and

STANLIB WEALTH MANAGEMENT LIMITED RESPONDENT

Coram: SCOTT, BRAND, LEWIS, COMBRINCK JJA, and THERON AJA

Heard: 18 May 2007

Delivered: 31 May 2007

Summary: Oral contract to invest in respondent’s investment fund established

by evidence: representative of respondent had authority to bind it.

Neutral citation: This case may be cited as

Pretorius NO v Stanlib

Wealth Management Ltd [2007] SCA 77 (RSA)

[1] The appellants are the trustees of two trusts, the Seca Trust (Seca)

and the Tableau Trust (Tableau). They instituted action in the Cape High

Court against the respondent, Stanlib Wealth Management Ltd (Stanlib), for

the payment of R5m, which they alleged had been invested on behalf of the

trusts (R2.5m each) with Stanlib, and which was repayable on demand. Only

the first appellant, Mr Hermanus Pretorius, played a role in the litigation.

Stanlib, at the time the investments were made, was called Liberty

Specialised Investments (Pty) Ltd and was a wholly owned subsidiary of

Liberty Life Group Ltd (Liberty). I shall refer to Stanlib rather than to Liberty

Specialised Investments for the sake of convenience.

[2] Griessel J in the high court granted judgment in favour of the

appellants, interest

a tempore morae and the costs of two counsel. The basis

of his decision was that agents of the parties had concluded an oral

agreement in terms of which moneys ……..

Read rest of judgement

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