Standard Bank would appeal an arbitration ruling to refund shares worth at least R528 million at last week’s prices to the SA Commercial, Catering and Allied Workers’ Union (Saccawu) Provident Fund, it said on Friday.

“Standard Bank will, within a week, appeal the whole of the award of the arbitrator,” the bank said in a statement, adding that the arbitrator had failed to take into consideration several mitigating issues.

An arbitrator ordered the bank last week to return the shares to the pension fund belonging to Saccawu.

The case, which had previously been in litigation in the high court, dates back to a 2002 deal between the bank and the fund in which the fund lent Standard Bank shares and was later repaid.

The arbitrator ruled that the deal should have never happened and ordered Standard Bank to surrender shares in MTN and Naspers worth about R528m, based on last week’s prices. – Reuters