Mobile payment services are typically the transfer of funds or payments using mobile devices that do not rely on traditional banking or payment services. Customers use an “open-loop” system to spend the value they have deposited into their mobile money account at service providers, transfer it to someone else or withdraw the value as cash
An English court has held that a dispute resolution clause in a contract that requires the parties to try to resolve a dispute by friendly discussions in a limited period of time before referring the dispute to arbitration is enforceable.
Where commercial parties have agreed a dispute resolution clause which purports to prevent them from
The Minister of Health, Dr Aaron Motsoaledi called a Medico-Legal Summit on 9 and 10 March 2015 which we participated in as part of the Ministerial task team appointed to look into the rise of medical negligence claims against the healthcare sector.
The objective of the Summit, which was attended by interested stakeholders both in
If the board of directors of a company refuses or is unable to institute legal proceedings to recover any loss suffered by the company from a third party, an aggrieved shareholder or director should not rely on Section 163 of the Companies Act to obtain permission from a court to institute or continue legal proceedings
Insurers considering providing cover for hydraulic fracturing (fracking) should bear in mind the unique features of fracking which present both risks and opportunities.
South African insurers have the benefit of experience from the United States for the pricing and limiting of risks. Fracking may pose risks which are not present in conventional drilling methods.
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Amendments to the Prescribed Rate of Interest Act are on the horizon. The Judicial Matters Amendment Bill, 2015 seeks to change the prescribed rate of interest to the repurchase rate (the rate at which banks borrow rands from the Reserve Bank) determined by the South African Reserve Bank, plus 3.5% per year. The reasoning behind
Have a look at our Doing business in South Africa publication for an overview of the legal issues relevant to foreign investors wishing to establish or acquire a business in South Africa.
South Africa has highly sophisticated financial, mining, commercial, and industrial sectors which compete with the best throughout the world and attract considerable interest
In the first formal step toward hedge fund regulation in South Africa, National Treasury has published a s63 declaration under the Collective Investment Schemes Control Act, 2002 (CISCA). Investment funds conducting the business of a hedge fund will, from 1 April 2015, become collective investment schemes (CIS) and will be regulated by CISCA. Hedge funds
On 25 February the Minister of Finance, Mr Nhlanhla Nene, announced in his National Budget Speech that all government tender documents will be published on an e-tender portal from April 2015, and advertisements in newspapers will be phased out.
The publishing of all government tender documents on a central e-tender portal, and the phasing out
Islamic finance has an array of structures to deal with various commercial needs, but adhering to Islamic law (Shariah) principles. One commonly used structure is Musharakah.
What is Musharakah?
Musharakah is similar to a joint venture. It allows equity participation by the parties, who finance a project in agreed proportions in either cash