Vardospan vision for 100% black-owned bank still alive – Hamza Farooqui in for the long haul

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The urgent application brought by Vardospan to compel the South Africa Reserve Bank and the Finance Minister to take a decision regarding the applications for permission to purchase the shares in the Habib Overseas Bank, was struck from the roll for a lack of urgency

JOHANNESBURG, South Africa, March 31, 2017/APO/ –Hamza Farooqui of Vardospan comments on the latest Court developments regarding his attempt to create a 100% owned challenger bank:

The urgent application brought by Vardospan to compel the South Africa Reserve Bank and the Finance Minister to take a decision regarding the applications for permission to purchase the shares in the Habib Overseas Bank, was struck from the roll for a lack of urgency.

“In other words, the Court found that the facts and circumstances of the case did not entitle Vardospan to an urgent determination of the merits in the application on the urgent court roll. This means that the merits of the application have not been determined and remain alive.

“The application can now be pursued in the ordinary course and not as an urgent application. The parties to the sale of shares agreement are still at liberty to agree and extend the ‘long stop date’ of the sale of shares agreement beyond 31 March 2017. SARB and the Finance Minister are also nonetheless still required to take a decision in the applications for permission.

“I, and Salim Essa, are in for the long haul, and am not going away. This country needs more 100%-owned black challenger banks and it is my dream and vision to create one, whether it takes 3 months, 3 years or 10 years.”

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