Media And News

Statement on Havaic and Custostech matter

Thank you for your concern in the matter involving the Southern African Venture Capital and Private Equity Association (SAVCA) member, HAVAÍC and its dispute with Custostech.

I can confirm that SAVCA was made aware of the dispute after receiving an official complaint lodged by Custostech in December 2019, after the case had already entered into litigation.

SAVCA immediately escalated the matter to its Code of Conduct sub-committee for review. Supporting evidence was sought and the Code of Conduct committee discussed the matter at length, after which, legal counsel was sought as to SAVCA’s jurisdiction to intervene in commercial matters.

SAVCA’s legal counsel advised that as the process in the High Court had already commenced, SAVCA would not be able to compel either HAVAÍC or Custos to agree to mediation nor did SAVCA have jurisdiction over matters of a commercial nature, which were the subject of litigation.  Custostech was informed of the outcome and SAVCA requested to be kept abreast of the matter. SAVCA also informed HAVAÍC of the official complaint and expressed its concerns to HAVAÍC about the approach it elected to follow to deal with the matter and the potential negative implications it may have on the broader ecosystem.

I can assure you that SAVCA is following the case closely and will act accordingly – in terms of our current Code of Conduct – once the legal process has run its course.

Thank you for your interest in this matter.

Kind Regards,

Tanya van Lill, SAVCA CEO