The London Court of International Arbitration (LCIA) has revised its arbitration rules to make the arbitration process more efficient using requirements that include timetables, guidelines, emergency procedures and consolidation processes. These changes to the LCIA arbitration rules are in effect from 1 October 2014 and track the similar amendments to the UNCITRAL and the ICC
When rating agencies downgrade the credit ratings of South Africa’s banks or the country’s sovereign credit rating, whether justifiably or not, it raises interesting questions for the operation of project financing agreements.
Definitions in finance documents designate a class of financial institutions as ‘acceptable banks’. This definition is commonly used in project finance transactions as
A proper understanding of how security can be taken and how risk can be mitigated is of paramount importance to investors. Mozambican law allows lenders to take security over certain types of assets of a Mozambican borrower. As a general rule, any security created over property located in Mozambique in favour of a foreign entity
The economic development obligations placed on developers in terms of the Renewable Energy Independent Power Producer Procurement Programme are fairly onerous and can have far-reaching implications for renewable energy projects in South Africa if protests by unhappy local communities are events of default.
To comply with the ownership requirement imposed as part of the economic
The global banking industry has seen an increasing number of class actions being brought against it.
In August 2014 an application for class action certification was launched against a number of Australian banks in New South Wales. The class potentially consists of hundreds of thousands of bank customers who were allegedly charged excessive credit card
A rare UK insurance decision looking at the definition of “riotously” found that the focus of the enquiry is whether property is damaged or destroyed as a result of mob violence. There does not have to be a confrontation. An attack in a private place on an empty building was held to be sufficiently riotous
The courts have again emphasised that where a regulatory body is established by legislation with powers to regulate (e.g. the Financial Services Board), their decision to make regulations is an administrative decision that can be challenged in court.
Where the regulations are irrational, unconstitutional or contrary to law or made without proper public consultation they
A statute referred to termination of service “in accordance with any applicable regulations”.
It was held in Minister of Defence v SANDU that if there are no applicable regulations then there are simply no regulations that the functionary needs to follow. It does not mean that nothing can be done at all.
It would be