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Enforcing South African judgments in two key jurisdictions: England and the US
22 May 2019 Dispute Resolution

Enforcing South African judgments in two key jurisdictions: England and the US

Favourable judgment in hand, South African litigants would be forgiven for thinking their victory is all but won. Those looking to execute rulings against foreign opposing parties may, however, still have some way to go. If an opposing party has no executable property and no other presence in South Africa, successful parties may have to cross borders to recover their dues. Each country greets foreign judgments with its own set of rules. This article discusses the processes and difficulties of enforcing South African judgments in two key jurisdictions: England and the US.

Duty of directors to act with a proper purpose
22 May 2019 Corporate & Commercial

Duty of directors to act with a proper purpose

In CDH Invest NV v Petrotank South Africa (Pty) Ltd & Others (483/2018) [2019] ZASCA 53 (1 April 2019), the Supreme Court of Appeal (SCA) held that a round robin resolution approving a resolution to, amongst others, increase the number of authorised shares in Petrotank South Africa (Pty) Ltd (Petrotank) was invalid on the basis that the directors of Petrotank did not exercise their powers to increase Petrotank’s authorised shares for a proper purpose.

New Draft Margin Requirements for Non-Centrally Cleared OTC Derivative Transactions
20 May 2019 Finance & Banking

New Draft Margin Requirements for Non-Centrally Cleared OTC Derivative Transactions

An updated version of the Draft Margin Requirements for Non-Centrally Cleared Over-the-Counter Derivative Transactions (Margin Requirements) was recently published as a Joint Standard by the Financial Sector Conduct Authority (FSCA) and the Prudential Authority (PA). The previous draft of the Margin Requirements was published during August 2018. The public consultation process on that draft, and further discussions between the PA and the FSCA, has given rise to a somewhat improved draft, which has now been published for final public consideration and comments. It is set to take effect on 1 September 2019.

Looking abroad: Some possible insight into South Africa’s forthcoming gambling tax
17 May 2019 Tax & Exchange Control

Looking abroad: Some possible insight into South Africa’s forthcoming gambling tax

In the 2019 Budget Speech, the Minister of Finance announced that draft legislation pertaining to the long-awaited gambling tax would be published for public comment in 2019. We discussed this announcement in our Special Edition Budget Speech Alert of 20 February 2019. The draft legislation will possibly be published with the draft Taxation Laws Amendment Bill in the next few months, but while we wait for the release of the draft legislation, we take the opportunity to consider some of the issues that have arisen with gambling tax in foreign jurisdictions.

Increasing focus on environmental taxes in South Africa
17 May 2019 Tax & Exchange Control

Increasing focus on environmental taxes in South Africa

Climate change and global warming are issues that have long been debated. Predictions as far back as 1982 regarding increases in atmospheric carbon dioxide are proving true. While climate change and global warming are often seen as abstract issues, the impact on communities around the world is starting to become more prevalent. Closer to home for example, we have seen an increase in ever more severe tropical cyclones off the Mozambique channel and here in South Africa we are experiencing longer, more intense droughts.

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Enforcing South African judgments in two key jurisdictions: England and the US
22 May 2019 Dispute Resolution

Enforcing South African judgments in two key jurisdictions: England and the US

Favourable judgment in hand, South African litigants would be forgiven for thinking their victory is all but won. Those looking to execute rulings against foreign opposing parties may, however, still have some way to go. If an opposing party has no executable property and no other presence in South Africa, successful parties may have to cross borders to recover their dues. Each country greets foreign judgments with its own set of rules. This article discusses the processes and difficulties of enforcing South African judgments in two key jurisdictions: England and the US.

Duty of directors to act with a proper purpose
22 May 2019 Corporate & Commercial

Duty of directors to act with a proper purpose

In CDH Invest NV v Petrotank South Africa (Pty) Ltd & Others (483/2018) [2019] ZASCA 53 (1 April 2019), the Supreme Court of Appeal (SCA) held that a round robin resolution approving a resolution to, amongst others, increase the number of authorised shares in Petrotank South Africa (Pty) Ltd (Petrotank) was invalid on the basis that the directors of Petrotank did not exercise their powers to increase Petrotank’s authorised shares for a proper purpose.

New Draft Margin Requirements for Non-Centrally Cleared OTC Derivative Transactions
20 May 2019 Finance & Banking

New Draft Margin Requirements for Non-Centrally Cleared OTC Derivative Transactions

An updated version of the Draft Margin Requirements for Non-Centrally Cleared Over-the-Counter Derivative Transactions (Margin Requirements) was recently published as a Joint Standard by the Financial Sector Conduct Authority (FSCA) and the Prudential Authority (PA). The previous draft of the Margin Requirements was published during August 2018. The public consultation process on that draft, and further discussions between the PA and the FSCA, has given rise to a somewhat improved draft, which has now been published for final public consideration and comments. It is set to take effect on 1 September 2019.

Looking abroad: Some possible insight into South Africa’s forthcoming gambling tax
17 May 2019 Tax & Exchange Control

Looking abroad: Some possible insight into South Africa’s forthcoming gambling tax

In the 2019 Budget Speech, the Minister of Finance announced that draft legislation pertaining to the long-awaited gambling tax would be published for public comment in 2019. We discussed this announcement in our Special Edition Budget Speech Alert of 20 February 2019. The draft legislation will possibly be published with the draft Taxation Laws Amendment Bill in the next few months, but while we wait for the release of the draft legislation, we take the opportunity to consider some of the issues that have arisen with gambling tax in foreign jurisdictions.

Increasing focus on environmental taxes in South Africa
17 May 2019 Tax & Exchange Control

Increasing focus on environmental taxes in South Africa

Climate change and global warming are issues that have long been debated. Predictions as far back as 1982 regarding increases in atmospheric carbon dioxide are proving true. While climate change and global warming are often seen as abstract issues, the impact on communities around the world is starting to become more prevalent. Closer to home for example, we have seen an increase in ever more severe tropical cyclones off the Mozambique channel and here in South Africa we are experiencing longer, more intense droughts.

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5 legal tips for start-ups
25 October 2018 Corporate & Commercial

5 legal tips for start-ups

Many highly successful start-ups are bedevilled by legal disputes, often between founders or funders, which could have been easily avoided. The story of McDonalds is one example. It was founded by brothers, Richard and Maurice McDonald, who were ultimately allegedly short-changed by Raymond Albert "Ray" Kroc, who joined the business after its establishment but took all the glory (and the money). How? Because they did not put legal agreements in place to regulate their partnership.

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Unemployment rate in South Africa
17 May 2019 Employment

Unemployment rate in South Africa

It was recently announced that South Africa's unemployment rate has increased to 27.6% in the first quarter of this year. Employment Director Hugo Pienaar joined eNews Channel Africa to discuss this.

Strategic Structuring – structuring African business to ensure maximum efficiency and minimal risk
20 March 2019 Corporate & Commercial

Strategic Structuring – structuring African business to ensure maximum efficiency and minimal risk

Deepa Vallabh, Corporate and Commercial Director & Head, Cross-Border M&A: Africa & Asia, participated in a webinar where she discussed "Strategic Structuring – structuring African business to ensure maximum efficiency and minimal risk". The Webinar provided an in-depth look at the investment structures that foreign investors can use to minimise risk and increase efficiency in their African investments.

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Aadil Patel discusses the impact of load shedding
11 April 2019 Employment

Aadil Patel discusses the impact of load shedding

In a recent Kaya FM Biz interview, Employment Director and National Practice Head, Aadil Patel, looks at the impact of load shedding and the effects it has on employers' having to pay their staff when the lights go out.