Gambler blames bank after racking up R2.6 million debt

A GAMBLER who racked up R2.6 million in debt following an online gambling spree over six days, exceeding his authorised R150 000 credit limit with Investec Bank due to an internal system error on behalf of the bank, will now have to face the music.

- ZELDA VENTER

Investec Bank now wants its money back, but the gambler, only identified as VZ (respondent), is unable to repay his debt. He instead accused the bank of “reckless credit” practices by allowing him to access so much credit while he cannot afford it.

The bank turned to the Western Cape High Court, where it applied for VZ’s provisional sequestration. It held that the man is insolvent and the only way the bank can get its money back is by placing his estate under sequestration.

According to the bank, the man owes it slightly more than R2.6 million, together with interest calculated at a prime rate of 11% per annum calculated daily from March last year, to date of final payment.

The respondent earlier successfully applied for a Private Bank Account (PBA) with Investec with a credit limit of R15 0 000, subject to terms and conditions. In February last year, Investec implemented a change into its internal system.