Amber Kardamilakis

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Transformation vs foreign investment:  a balancing act of priorities for South African government

Photo of Amber KardamilakisBy Amber Kardamilakis on Posted in General
For years South Africa has battled the plight of loadshedding. Despite many promises over the years for the issue to be addressed, loadshedding has become part of our daily lives. It was therefore encouraging when, on Wednesday 23 August, South Africa signed the Framework Agreement on Cooperation in Green Energy, a joint memorandum of cooperation … Continue reading

Beneficial ownership register requirements for trustees need immediate attention

Photo of Amber KardamilakisPhoto of Caitlin GardinerBy Amber Kardamilakis and Caitlin Gardiner on Posted in Finance, General
In response to South Africa’s greylisting, the South African government implemented the General Laws (Anti Money Laundering and Combating Terrorism Financing) Amendment Act, 2022 to amend four different acts, one of which was the Trust Property Control Act, 1988. Amendments to the Trust Property Control Act introduce additional administrative and disclosure duties on trustees when … Continue reading

Important amendments to the Trust Property Control Act  

Photo of Amber KardamilakisPhoto of Susan BissetBy Amber Kardamilakis and Susan Bisset on Posted in General
The General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act, 2022 (Amendment Act), published in the Government Gazette on 29 December 2022, makes key amendments to the Trust Property Control Act, 1988. Most of these amendments will take effect on 1 April 2023. It is important for trustees to familiarise themselves with the Amendment … Continue reading

Proposed law will increase disclosure of control of trusts

Photo of Susan BissetPhoto of Amber KardamilakisBy Susan Bisset and Amber Kardamilakis on Posted in General
The Trust Property Control Act, 1988 (TPCA) was last amended in 1997.  It is a short act that deals on a high level with trust operations and the office of the Master of the High Court as the trust regulator.  The General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Bill (B18 – 2022), however, proposes significant … Continue reading

BEE Commission’s fronting findings again set aside as irrational

Photo of Susan BissetPhoto of Amber KardamilakisBy Susan Bisset and Amber Kardamilakis on Posted in General
Since its establishment, the BEE Commission has held strong views which often diverge from industry practice.  The BEE Commission’s views have sometimes resulted in businesses abandoning BEE ownership structures, or other BEE initiatives, altogether.  The guidance issued by the Department of Trade, Industry and Competition in 2021 went some way toward clarifying the contradicting views, … Continue reading

High court finds digitally commissioned affidavit not properly signed

Photo of Amber KardamilakisBy Amber Kardamilakis on Posted in Uncategorized
This blog was co-authored by: Caitlin Gardiner, Candidate Attorney The South African court system has found itself in a new digitised era following the restrictive lock‑down measures introduced as a result of the Covid-19 pandemic. Directives were introduced to safeguard the public’s access to justice which included the widespread adoption of remote technologies such as … Continue reading

Some certainty in public procurement

Photo of Amber KardamilakisPhoto of Susan BissetBy Amber Kardamilakis and Susan Bisset on Posted in General
State procurement has been in a state of flux over the last three years following a number of developments in the enforceability of the legal framework.  State procurement is regulated in terms of the Preferential Procurement Policy Framework Act, 2000 (PPPFA).  Since coming into effect on 20 January 2017, the Preferential Procurement Regulations, 2017 have … Continue reading

You may not claim both a section 18A certificate and BEE points for donations to a non-profit entity

Photo of Liesl WilliamsPhoto of Amber KardamilakisBy Liesl Williams and Amber Kardamilakis on Posted in General
Donations to non-profit entities may carry a tax benefit for the donor – the hallowed section 18A certificate. This allows the donor to claim a tax refund and encourages donations. Non-profit entities that are Public Benefit Organisations (PBO) can issue these certificates. PBO status is granted by the South African Revenue Service (SARS) under the … Continue reading

Selecting a BEE shareholder – the process is not as unusual as you think

Photo of Amber KardamilakisBy Amber Kardamilakis on Posted in General
Broad-based black economic empowerment (BEE) ownership transactions that have gone wrong are often exciting fodder for emotive news articles. But BEE ownership transactions are fundamentally the same as any other ownership transaction and shareholder selection process that would be undertaken in the ordinary course. However, a lack of understanding of the regulatory framework often creates … Continue reading

Essential service businesses, have you received an updated certificate from CIPC?

Photo of Ugendran OdayarPhoto of Amber KardamilakisBy Ugendran Odayar and Amber Kardamilakis on Posted in General
Companies which are registered to perform essential services during the lockdown should have by now received a new certificate from the Companies and Intellectual Property Commission (CIPC) for the extended lockdown period. The old certificates are no longer valid and will have to be disposed of. The new certificates should be automatically emailed to companies … Continue reading

SA websites must be updated to have a link to government’s COVID-19 site

Photo of Ugendran OdayarPhoto of Amber KardamilakisBy Ugendran Odayar and Amber Kardamilakis on Posted in General
To promote the dissemination of real time public information (and to help in combatting the spread of fake news), internet sites operating within za Domain Name Authority (.zaDNA) top level domain name must be updated to include a landing page with a visible link to www.sacoronavirus.co.za. .zaDNA is the statutory regulator and manager of ‘.za’ … Continue reading

10 things to know about BEE and COVID-19

Photo of Amber KardamilakisBy Amber Kardamilakis on Posted in General
COVID-19 is affecting businesses globally. However, its impact on the broad-based black economic empowerment (BEE) status of a business is an effect which is unique to South Africa. Here are 10 things to know about the potential effects of COVID-19 on BEE and your business: 1. BEE verifications can still be conducted The South African … Continue reading

BEE verification process amended to cater for COVID-19

Photo of Ugendran OdayarPhoto of Amber KardamilakisBy Ugendran Odayar and Amber Kardamilakis on Posted in General
Like many other changes being experienced by companies as a result of COVID-19, the requirement for an on-site visit as part of the BEE verification process prescribed by the South Africa National Accreditation System (SANAS) has been amended to take into account COVID-19. Prior to COVID-19, SANAS required BEE verification agents to verify and evaluate … Continue reading
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