June 2015

Top Students of 2009 - Where are they Now 5 Yrs On? - Stellenbosch University Top Students - 5 Years On June 2015

Silke de Lange (née Bovijn)

Silke de Lange says, "I actually never knew exactly why I was studying law when I started. I wanted some kind of a professional degree and an accounting and law combination sunded good to me (I studied BAccLLB at Stellenbosch University). I am now, however, very grateful for the softer skills which I learned from studying law. Writing skills, problem solving skills, critical thinking etc have been extremely valuable." When De Lange graduated she studied a MCom (Tax) at Stellenbosch University. She served articles at ENS in the Tax practice then, "I joined the Law Faculty of the University of Stellenbosch as a tax law and commercial law lecturer, where I still am." De Lange lectures Tax which was the subject she most enjoyed studying.

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Top Students of 2009 - Where are the Now 5 Yrs On? - University of the Witwatersrand Top Students - 5 Years On June 2015

Jarred Benater

Jarred Benater says, "One of the reasons why I studied law was that I enjoy problem solving and working with people to achieve a common goal. This is definitely present in the area of law that I am currently working in. Another reason why I studied law was to open doors in commerce and finance, and I have been fortunate enough to say that this goal has been achieved."

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National News - June 2015 National News June 2015

Hogan Lovells

Jackie Peart has joined the firm as a partner in the Tax department. She joins the firm from EY. Her areas of expertise include outbound investments into Africa and inbound investments in the retail, mining, financial services and telecommunications sectors. Peart has lectured on SA Exchange Control at the Wits Tax Masters course.

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Can South African consumers be completely off the power grid? Energy Law June 2015

The effects of the frequent warnings invariably given by Eskom whenever there are rolling blackouts or "load-shedding" could be minimised significantly if consumers and businesses had the ability to switch to self-generated home battery stored renewable energy. This seems to be an invaluable solution for keeping the lights on.

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Dividends from employee share trusts: 15% or 41% tax? Tax June 2015

The Minister of Finance has announced that the tax treatment of dividends paid to employees via share plans will again be reviewed this year. The current rules are a quite a maze, particularly those for trusts.

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Do arbitration proceedings constitute legal proceedings Company Law June 2015

Section 133 of the Companies Act (71 of 2008) provides for a general moratorium on legal proceedings against a company in business rescue. The section states that, during business rescue proceedings, no legal proceeding against the company, or in relation to any property belonging to the company, or lawfully in its possession, may be commenced or proceeded with except with the written consent of the business rescue practitioner (BRP) or with the leave of the court.

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Hedge funds designated a collective investment scheme Financial Law June 2015

On 25 February the Minister of Finance declared the business of a hedge fund to be that of a collective investment scheme to which certain provisions of the Collective Investment Schemes Control Act of 2002 will apply (the Declaration). Draft Regulations for Hedge Funds in terms of the Act were published on 16 April 2014 and the Declaration commenced on 1 April. Hedge fund managers will have six months to lodge an application for registration as a manager of a hedge fund with the Registrar in accordance with s42.

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The right to freeze a bank account Financial Law June 2015

Can a bank lawfully freeze a client's bank account without an express term in the facility agreement? This was the issue in the recent case of South African Petroleum Energy Guild (NPC) v RMB Private Bank (2014/27890) [2014] ZAGPJHC 368 (5 December 2014). The court considered whether the responsibilities of the bank in respect of money laundering under the Financial Intelligence Centre Act (38 of 2001) (FICA) and the Prevention of Organised Crime Act (121 of 1998) (POCA) impose obligations that may be imputed as a tacit or implied term which, inter alia, entitles banks to freeze clients' accounts when there is a reasonable suspicion that the funds in the accounts were the proceeds of illegal activities.

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A word of caution Constitutional Law June 2015

South Africans cannot help but hold their breath each time the possibility of a service delivery protest or a strike, particularly in a major industrial sector, is mentioned.

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Women in sport Constitutional Law June 2015

On the 5th October 1997 The Sunday Times (South Africa) reported: "When South Africa reentered international sport six years ago the looming new democracy was excited at having an instant role model for people of diverse cultures. From President Mandela down, politicians were quick to point out that sport had provided an ideal catalyst for change, that sport, like no other area of public life, had the capacity to break down barriers and forge the links in the nation building chain."

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Duty or discretion? Road Accident Fund June 2015

Much can be, and has been, said about the Road Accident Fund Regulations of 2008. Of particular interest is the question of whether the Minister of Transport has an obligation to publish operational guidelines so claimants and their attorneys can comply with the Regulations and, in particular, Regulation 3.

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The World in May International June 2015

Everyone in SA is aware of the frightening road statistics each year. The International Transport Forum's 2014 Road Safety Annual Report's figures indicate that 25% of the 32 accidents per 100 000 people each year are as a result of cellphone use while driving. Cellphone use falls under the category "distraction" and we have all seen someone texting while driving… The economics of this are between 8% and 10% of GDP each year. The personal tragedy is inestimable.

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Tales from the US of A... International June 2015

Court blasts law firm for nonsensical theories and carnival arguments

A California appeals court criticised a law firm for nonsensical legal theories, inconsiderate litigation tactics and arguments that constructed a kind of carnival funhouse in which the facts were distorted into grotesque and nearly unrecognisable shapes. The claimant alleged that their client's touchscreen specialist employees had been enticed using improperly obtained information. In fact, the information was available through LinkedIn and other public sources. California has a strong public policy favouring employee mobility. When the case was dropped the law firm's client was ordered to pay costs of about $180 000 because the claim had no merit. Debra Cassens Weiss April 30

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Corporate Activity Review Deal Selection June 2015

JSE Listed Deals

As part of its strategy to simplify its business, Aspen Pharmacare has disposed of a portion of its South African operation to Litha Pharma for a cash consideration of R1,6bn. The business unit disposed of comprises injectables and established brands. Varachia Investment Group has made a firm intention offer to acquire the shares in Morvest not already controlled by the MS Varachia Discretionary Family Trust (MSV) for a consideration on 25c per share. MSV currently holds indirectly more than 39% of Morvest's issued share capital.

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aftertaste: Older New World Pinot Noir Lifestyle - Wine June 2015

Wines (particular the higher end wines) from Old World wine producers such as France are generally known to age exceptionally well, becoming more complex and softer over time. In contrast, New World wines from producers such as South Africa and New Zealand are more often enjoyed at a younger age – specifically varieties such as Pinot Noir.

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