Advocate Douglas Shaw has been taking the major banks in South Africa to the High Court for a sum of an estimated 62 billion rand. This is asking the court to order that the major banks repay the money to the thousands of bond holders who were repossessed without following the rules of court and then had their houses sold at a fraction of their value. `
The banks then often sell them for their correct price and do not pay the money back to the original owner. or in some cases an ABSA employee for a very low price.
Douglas wants the banks to pay the difference between what the bank sold the housesfor and the true value back to the people.
People who lack the money to pay their bonds timeously often have too little money to challenge the bank on the illegality of the procedure so Douglas represents them for very little money .
ABSA bank is trying to “kill the messenger” by taking him to court for allegedly delaying their process of repossession and eviction frivolously. They seek that Douglas Shaw be awarded costs against him which would effectively divert his time to survival making it difficult for him to focus on getting on with the case for the thousands of people who wrongfully had their houses sold for too little.
He describes the way it ruined so many families lives Douglas Shaw explains how much worse the system of repossession is in South Africa than in other countries and how the stressful circumstances that a person goes through when their house is in danger of being repossessed radically affects lives, even leading to death and suicide. This affects the rich and the poor and all race groups but ABSA is by far the worst in this regard.