By Brandon Cole 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 Act, … Continue reading Understanding Draft PCC 121A: A New Chapter in Beneficial Ownership.
Who is a ‘Creditor’? Post-Commencement Creditors’ Voting Rights Under Section 152 of the Companies Act
By Brandon Cole In the pivotal judgment of Wescoal Mining (Pty) Ltd v Mkhombo N.O and Others,[1] 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 vote on a business rescue plan as outlined in Section 152 of the Companies … Continue reading Who is a ‘Creditor’? Post-Commencement Creditors’ Voting Rights Under Section 152 of the Companies Act
The Section 218(2) Conundrum? Navigating Director Liability with Insights from Venator Africa (Pty) Ltd v Watts and Another
By Brandon Cole 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 218(2) reads … Continue reading The Section 218(2) Conundrum? Navigating Director Liability with Insights from Venator Africa (Pty) Ltd v Watts and Another
Anti-Fraud & Corruption Law in Africa 