- Criteria 1: the BEE partner must have a written option
Amber Kardamilakis
Shareholder can only sue on behalf of a company if empowered by a board resolution or the MOI
By Amber Kardamilakis on
This blog was co-authored by Jos Fogle, Candidate Attorney.
In August 2024, the High Court found that a shareholder does not have the authority to institute legal proceedings on behalf of the company it is a shareholder of without (1) a resolution from the underlying company’s board of directors or (2) express authority in the…
Transformation vs foreign investment: a balancing act of priorities for South African government
By Amber Kardamilakis on
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…
Beneficial ownership register requirements for trustees need immediate attention
By Amber Kardamilakis & Caitlin Gardiner on
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…
Important amendments to the Trust Property Control Act
By Amber Kardamilakis & Susan Bisset on
- A list of grounds for the disqualification of trustees aligns to some extent with the grounds for the disqualification of directors set
Proposed law will increase disclosure of control of trusts
By Susan Bisset & Amber Kardamilakis on
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)…
BEE Commission’s fronting findings again set aside as irrational
By Susan Bisset & Amber Kardamilakis on
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,…
High court finds digitally commissioned affidavit not properly signed
By Amber Kardamilakis on
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…
Some certainty in public procurement
By Amber Kardamilakis & Susan Bisset on
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…
You may not claim both a section 18A certificate and BEE points for donations to a non-profit entity
By Liesl Williams & Amber Kardamilakis on
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…