Image created by AI

Legal Battle Ignites as Banxso Associates Sue Media Giants Moneyweb and GroundUp Over Defamation Claims

Published November 30, 2024
2 months ago

In a notable legal confrontation that has gripped South Africa's media landscape, Banxso associates have filed defamation lawsuits against prominent financial news outlets Moneyweb and GroundUp. The two lawsuits, which cumulatively demand over R23 million in damages, hinge on various articles that discuss alleged unethical practices by the online trading company and associated entities.





The articles at the heart of the controversy involve deep investigations by Moneyweb since February and a poignant November piece by GroundUp, which was also republished by Moneyweb. These articles spotlight the use of deceptive advertising and potentially illegal trading activities that contributed to substantial financial losses for individuals, including a pensioner who lost everything.


The summonses emerged after the Financial Sector Conduct Authority (FSCA) provisionally revoked Banxso’s license on October 16, citing ongoing investor complaints. This move lent credence to the allegations detailed by Moneyweb and GroundUp, setting the stage for the ensuing legal drama.


The first lawsuit features Warwick David Sneider as the plaintiff, aiming his legal grievances at Moneyweb, its editor Ryk van Niekerk, and GroundUp journalist Tori Newby. Sneider’s claims concentrate on allegations of a misleading portrayal leading to reputational damages, asserting that the publications wrongfully depicted him and his business operations in a fraudulent and unethical light.


The second summons put forth by Afrimarkets Capital, where Sneider and Harel Adam Sekler are directors, similarly targets the narrative around their business practices and association with Banxso. It expands the set of defendants to include GroundUp as an organization, alongside the previous defendants.


Despite the hefty financial demands, which are unprecedented in South African media litigation history, both Moneyweb and GroundUp have expressed readiness to defend their journalistic work in court. They maintain that their reporting was rooted in factual investigations designed to inform and protect the public from potentially harmful financial practices.


This legal predicament not only underscores the tensions between corporate interests and journalistic integrity but also poses significant implications for press freedom in South Africa. With a court battle looming, the media community and the public alike are bracing for a case that could set significant precedents for how investigative journalism is conducted and contested in the nation.


Leave a Comment

Rate this article:

Please enter email address.
Looks good!
Please enter your name.
Looks good!
Please enter a message.
Looks good!
Please check re-captcha.
Looks good!
Leave the first review