07/02/2015
Cancellation of Contracts in the 21st century
Their dispute eventually reached the SCA
Legal
07/02/2015
HFW advises Government of Niger on debt restructuring
The remaining US$15 million is payable over the next 20 years.
06/30/2015
Capitalisation of shareholder loans effected by means of set-off - ENS Africa
In the recently released BPR 193, SARS deals with the capitalisation of shareholder loans owed by a South African resident company to its foreign holding company by means of set-off.
06/28/2015
Recovering Nigeria’s stolen wealth
President Muhammadu Buhari last week said that past officials of government who looted the treasury but felt that they had been forgiven their sins should perish such thoughts
06/26/2015
Malawi cash scandal reaches SA
The army allegedly paid R60-million to a company that didn’t deliver the ammunition.
06/25/2015
Muslim Association sues African Banking Corporation over welfare accounts freeze By Caroline Rwenji
A Muslim association has sued the African Banking Corporation Ltd over the freezing of its bank accounts.
06/24/2015
S. African official defends land ownership by foreign nationals
The South African government on Tuesday tried to alleviate jitters that the prohibition of land ownership by foreign nationals would drive away investors.
06/24/2015
Africa tax in brief by Celia Becker, ENS
MAURITIUS: Memorandum of Understanding signed with South Africa on Treaty
06/24/2015
OECD proposes introducing hindsight into the transfer pricing of hard-to-value-intangibles
In particular, it is proposed that tax authorities will be allowed to use ex post “evidence”, (i.e. hindsight), to assess the arm’s length nature of transfer pricing arrangements in respect of “hard-to-value-intangibles”.
06/24/2015
The valuation of a usufruct for tax purposes by Alexa Muller
in certain circumstances, the Commissioner may accept a different percentage annual yield – should this be supported by facts.
06/22/2015
Absa employees found guilty of stealing millions
An Absa bank custodian and one of the bank’s cleaners, who allegedly stole more than R3 million from the bank last March, have been found guilty in the Nelspruit Regional Court
06/22/2015
Nedbank boss set to testify over ‘scam’
Nedbank chief executive Mike Brown has been subpoenaed to give evidence today at a confidential Section 417/418 inquiry in terms of the Companies Act.
06/22/2015
Nigeria: N2 Billion Fraud - Ex-Wema Bank Chair, Others for Trial Today
The Economic and Financial Crimes Commission will today commence the trial of a former Chairman of Wema Bank, Olapade Mohammed and two other directors of AKS Steel Nigeria Limited before a Federal High Court in Lagos.
06/22/2015
Nigeria: N2 Billion Fraud - Ex-Wema Bank Chair, Others for Trial Today
Olapade is standing trial alongside others over alleged theft of about N2 billion belonging to the company.
06/19/2015
ENSafrica (Mauritius) newsflash
Tax update – taxation of directors’ fees
06/18/2015
Moore, Johnsure Investments CC v Black: the liability of representatives and supervisors in terms of the Financial Advisory and Intermediary Services Act
Recent amendments to the Financial Advisory and Intermediary Services Act (“the Act”) have sought to further clarify the relationship between a financial services provider and its appointed representatives.
06/18/2015
Shuttleworth loses battle against Reserve Bank
THE Constitutional Court on Thursday found against internet entrepreneur Mark Shuttleworth in his battle against the South African Reserve Bank.
06/16/2015
Leading offshore law Boosts its Mauritius Dispute Resolution Capabilities in 2015
Firm adds senior associate and senior clerk to growing practice; promotes team member to counsel
06/15/2015
Gayle Killilea ‘needed’ €19m hotel sale to fund UK deal
Hotel was part of €100m in assets transferred from Seán Dunne, South Africa court hears
06/12/2015
Judge Issues Stern Warning to Union Bank over ‘Gross Indiscipline’
The judge gave the warning Thursday when a petition against the bank and its subsidiaries by a Lagos-based businessman, Chief Marcel Eze, came up for hearing.