Court : South Africa Supreme Court of Appeal
..... 11. first national bank of sa ltd t/a wesbank v commissioner, south african revenue service and another; first national bank of sa ltd t/a wesbank v minister of finance[2002] zacc 5; 2002 (4) sa 768 (cc) para 31 ( even fiscal statutory provisions, no matter how indispensable they may be for the economic well-being of ..... was the registrar not warned of the issues raised but the court is deprived of the assistance of amici curiae such as the reserve bank, the minister of finance and the minister of trade and industry, all of whom would have had an interest in the relief sought.3 [16] the appellants approach ignores all the ..... main shortcomings in the appellants new case. [21] the heads of argument do not consistently identify the relevant section or sections in the act which, it is contended, have not been properly interpreted and then in relation to each such section explain how, by the application of the rules of interpretation, the relevant provisions would acquire a different meaning not .....
Tag this Judgment!Court : South Africa Supreme Court of Appeal
..... power in terms of s 72 which allows the respondent to make arrangements or give directions to overcome difficulties, anomalies or incongruities in the application of the act. section 72 provides: if in any case the commissioner is satisfied that in consequence of the manner in which any vendor or class of vendors conducts his or their ..... of iran shipping lines v terra-marine sa 2010 (6) sa 493 (sca) para 22. 8. rule 12 of the rules promulgated under section 107a of the income tax act, 1962 (act 58 of 1962), prescribing the procedures to be observed in lodging objections and noting appeals against assessments, procedures for alternative dispute resolution and the conduct ..... 1) consisting of the exchange of currency. [4] according to the evidence of mr mark frankel, who was at one time its general manager of finance and later its finance director, the appellant was established in 1995 with the assistance of rennies foreign exchange. it was licensed in 1997 by the reserve bank as a foreign .....
Tag this Judgment!Court : South Africa Supreme Court of Appeal
..... the background circumstances that led to the dispute. [3] whitehead operated an unlawful and fraudulent ponzi or pyramid scheme, which involved investors putting up bridging finance for fictitious transactions purportedly undertaken by the salvation army in the united kingdom. in return for their short term investments, investors were promised, and in some ..... with most of the participants losing the money they put in. [4] dumas, a specialist medical practitioner, was duped through representations made by an agent acting on whiteheads behalf into believing that whiteheads scheme was legitimate, and that his investment would yield a lucrative return of a third of his investment within a ..... sequestrated. [5] on 28 april 2009, after learning of whiteheads arrest, dumas instructed his bank, fnb, to reverse the transfer to whiteheads account. acting on his instructions fnb wrote to absa requesting that the account into which the money had been paid be put on hold. no transactions were made from .....
Tag this Judgment!Court : South Africa Supreme Court of Appeal
..... s 130. there were three bases upon which the rental agreement could notionally have amounted to a credit agreement under s 8(4) of the act. section 8(4) of the act [13] section 8 of the act determines which contracts constitute credit agreements. subsection 8(4) provides: an agreement, irrespective of its form but not including an agreement contemplated in ..... the first amount of r2 787 to sapor on 9 july 2008. the day before that, however, sapor ceded its rights under the rental agreement to absa technology finance solutions (pty) ltd (absa technology). on 28 july 2008 rose received a copy of the agreement that he had signed from sapor. on the same day he ..... area in which the business operated randfontein, gauteng. he discussed his requirements with a mr vosloo of westrand office equipment (westrand), who suggested two ways of financing the transaction since the cc could not afford to purchase the machine required. rose chose the second option: he would pay a monthly amount of some r2 878 .....
Tag this Judgment!Court : South Africa Supreme Court of Appeal
..... of mining capital expenditure as more fully set out below. [8] the operation of the scheme of the act in relation to the deduction of mining capital expenditure lies at the heart of this appeal. section 15(a) authorises a deduction from the income derived by a taxpayer from its mining operations of an amount ..... the amounts of capital expenditure determined under subsection (7c) in respect of any year of assessment in relation to any one mine shall, unless the minister of finance, after consultation with the minister of mineral and energy affairs and having regard to any relevant fiscal, financial or technical implications, otherwise directs, not exceed the ..... off only against the income from that mine unless the minister of finance, in consultation with the minister of mineral and energy affairs and having regard to the relevant fiscal, financial and technical implications, otherwise decides. in silke, the operation of the section is described thus:6 it limits the deduction of the aggregate .....
Tag this Judgment!Court : South Africa Supreme Court of Appeal
..... had nothing to do with departmental policy but instead derived from a myriad of statutory provisions, including the public finance management act 1 of 1999 (the act); the preferential procurement policy framework act 5 of 2000; regulations promulgated under these acts; practice notes issued by the national treasury; and so forth. relying on these statutory provisions, the theme ..... . in consequence the department could not be held liable under the completion contract (see para 61). on appeal it was common cause, however: (a) that sections 38 to 44 and the practice notes issued by national treasury bestowed the authority to deviate from the prescribed procedure on the accounting officer; (b) that in ..... the policy consideration based on the blameworthiness of buthelezis state of mind, country cloud sought to find support in the following statement by this court in minister of finance v gore no 2007 (1) sa 111 (sca) para 86: we do not think that it can be stated as a general rule that, in .....
Tag this Judgment!Court : South Africa Supreme Court of Appeal
..... shares at r1.00 per share. in further execution of the transaction, cet entered into an underwriting agreement with paradigm and a subsidiary of the latter, bohumi corporate finance (pty) ltd. in terms of this agreement bohumi subscribed to the 137 million issued shares at the placement price of r1.00, while paradigm bound itself as ..... cases correctly and not to err negligently. that does not mean that a judicial officer who fails in the duty, because of negligence [or even gross negligence], acted wrongfully. put in direct terms: can it be unlawful, in the sense that the wronged party is entitled to monetary compensation, for an incorrect judgment given negligently ..... cet. incidentally, i agree with the submission by counsel for fhs that the scheme displayed certain features now dealt with in s 80 a of the income tax act 58 of 1962 which was introduced in 2006, under the rubric impermissible tax avoidance arrangements. [14] against this background i can now revert to the question that .....
Tag this Judgment!Court : South Africa Supreme Court of Appeal
..... moreover, it had been invoked in support of the contention that the mayoral committee is not empowered to make the appointments which it did having regard to section 56 of the systems act rather than in support of the contention sought to be advanced by it in its replying affidavit. likewise, it was equally disingenuous for it to state: ..... allegations raised in the da's replying affidavit mr fadi stated: '3.15. the applicants contend further that there was a lack of consultation as envisaged by section 56 of the act. this is denied in the answering papers and, by way of amplification, i record as follows: 3.15.1. i attended all selection committee meetings ..... annex hereto marked "a".' [14] annexure a, which is dated 24 july 2012 and on the face of it appears to be a minute of a meeting of the finance, administration, monitoring and evaluation committee, a standing committee of the municipality, to the extent here relevant, reads: organogram review '1. introduction the council has, in terms of .....
Tag this Judgment!Court : South Africa Supreme Court of Appeal
..... v shield insurance co ltd 1980 (2) sa 814 (a) which dealt with the prescription of a dependants action under the compulsory motor vehicle insurance act 56 of 1972. section 25 of that act required that before action could be instituted against an authorized insurer for damages suffered as a result of a motor accident, the plaintiff had to send ..... of prescription was upheld, and that the costs of the hearing would stand over for later determination. [10] i turn now to the relevant legislative provisions. section 15(1) of the prescription act provides: the running of prescription shall, subject to the provisions of subsection (1), be interrupted by the service on the debtor of any process whereby the ..... both the high court and this court. [5] in july 2003 the bank issued a credit card to mr ramurunzi. in december of the following year the bank financed his purchase of a jaguar x type motor vehicle. the credit card was linked to a journey card for the jaguar. in february 2008 the bank wrote to mr .....
Tag this Judgment!Court : South Africa Supreme Court of Appeal
..... by the board. mr g d esterhuysen (esterhuysen), who at all material times was employed by the ardc in the capacity of manager, corporate services and finance, and the only witness who testified about the alleged consensual cancellation of the sale agreement, explained in his evidence that the new course adopted by the ardc ..... shares which it or its subsidiaries held in various companies. its acting managing director at the time, dr shaker (shaker), had the requisite authority to approve the conclusion of the intended sale agreements on behalf of the ardc. ..... agreement. [5] the issues that arose on appeal will be better understood against the following background. the ardc was established in terms of the northern transvaal corporation act no 5 of 1994. during 2005, it embarked on a restructuring process which, inter alia, entailed the selling off of its movable and immovable assets, including .....
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