By Brandon Cole (24 August 2024) In a recent decision handed down by the High Court of South Africa, Western Cape Division, Cape Town, on 16 August 2024, the court granted an interdict preventing the business rescue practitioner of Cambridge Services (Pty) Ltd from filing a notice of substantial implementation of the published and approved […]
African Antifraud
A Reverse Goldmine: Glencore’s Troubled Congo Relationship Partners Yield Swiss Fines for Mining Giant
By Stephany Torres (12 August 2024) Swiss prosecutors have concluded a four-year investigation into the mining giant Glencore, resulting in a CHF 2 million (USD 2.3 million) fine and a USD 150 million compensation bill for the company. Notably, this Swiss enforcement action stems from a bribery scandal in the Democratic Republic of Congo (DRC), […]
Pointing fingers at myself: Why an organ of state should not rely on its own unlawful conduct to avoid compensating innocent contracting parties
By Brandon Cole (10 August 2024) On 2 October 2024, the Constitutional Court handed down a significant judgment addressing a just and equitable remedy under Section 172(1)(b) of the Constitution. The case exemplifies a broader phenomenon in which organs of state, including the applicant in this matter, the Greater Tzaneen Municipality, attempt to rely on […]
Understanding Draft PCC 121A: A New Chapter in Beneficial Ownership.
By Brandon Cole (18 June 2024) Introduction On 14 June 2024, the South African Financial Intelligence Centre (FIC) issued draft public compliance communication 121A (PCC 121A) for a second round of consultation. This draft aims to provide comprehensive guidance on the definition of beneficial ownership and the practical application of section 21B of the Financial Intelligence Centre […]
Who is a ‘Creditor’? Post-Commencement Creditors’ Voting Rights Under Section 152 of the Companies Act
By Brandon Cole (6 June 2024) In the pivotal judgment of Wescoal Mining (Pty) Ltd v Mkhombo N.O and Others ((2023-079991) [2023] ZAGP JHC 1097; 2024 (2) SA 563 (GJ) (2 October 2023)), the Johannesburg High Court has taken a significant stance on the rights of post-commencement creditors in business rescue proceedings, particularly concerning their ability to […]
The Section 218(2) Conundrum? Navigating Director Liability with Insights from Venator Africa (Pty) Ltd v Watts and Another
By Brandon Cole (4 June 2024) In a recent judgment by the Supreme Court of Appeal of South Africa (“SCA”) on 24 April 2024, the case of Venator Africa (Pty) Ltd v Watts and Another[1] (“Venator Africa) has clarified and redefined earlier interpretations of section 218(2) of the Companies Act 71 of 2008 (“the Act”). Section […]
