THE Western Cape High Court has granted provisional sequestration against a gambler who racked up R2.6 million in debt following an online gambling spree over six days.
In doing so, the gambler, only identified as VZ, exceeded his authorised R150 000 credit limit with Investec Bank due to an internal system error on behalf of the bank.
When Investec Bank wanted its money back, the gambler was unable to repay his debt, but instead accused the bank of “reckless credit” practices by allowing him to access so much credit while he cannot afford it.
This resulted in the bank hauling him before the Western Cape High Court, where it applied for VZ’s provisional sequestration, arguing that he was insolvent and the only way the it can get…