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PIC turns to court to force Steinhoff to release report

By Juta and Company (Pty) Ltd Published on Wednesday, 04 December 2019
Tags: #Company Law #Constitutional Law #Litigation
The Public Investment Corporation (PIC) yesterday told MPs it is filing a court application to force Steinhoff to release the PwC forensic report the company has withheld on the grounds of confidentiality, reports BusinessLIVE.

Moyo asks court to jail Old Mutual directors

By Juta and Company (Pty) Ltd Published on Thursday, 17 October 2019
Tags: #Business & Industry Law #Company Law #Litigation
Axed Old Mutual CEO Peter Moyo says there is no punishment befitting Old Mutual directors other than six months' jail time, without the option of a fine, on the contempt of court charges he lodged against them for disregarding a ruling that he be reinstated.

Old Mutual asks court not to jail board members

By Juta and Company (Pty) Ltd Published on Wednesday, 09 October 2019
Tags: #Company Law #Litigation
Old Mutual has made a plea to the Gauteng High Court (Johannesburg), saying the potential imprisonment of board members – if they are found guilty of contempt of court for not allowing ousted CEO Peter Moyo to return to work – would be ‘excessive and inappropriate’.

Judge warns Dudu Myeni after another no-show

By Juta and Company (Pty) Ltd Published on Wednesday, 09 October 2019
Tags: #Company Law #Litigation
The judge presiding in the delinquent director case against Dudu Myeni has warned that the matter was dragging on for too long after the former SAA chair failed to appear in Gauteng High Court (Pretoria) for the second time in as many days.

Dudu Myeni claims she can't afford to get to court

By Juta and Company (Pty) Ltd Published on Tuesday, 08 October 2019
Tags: #Company Law #Litigation
The delinquent director case against Dudu Myeni has been postponed as the former SAA chair could not afford to travel to Pretoria.

Old Mutual digs in against Moyo pressure

By Juta and Company (Pty) Ltd Published on Tuesday, 08 October 2019
Tags: #Company Law #Employment and Labour Law #Litigation
Old Mutual is digging in its heels, saying it will not give in and settle with Peter Moyo as it is confident it will be able to overturn a court ruling that ordered it to reinstate the ousted CEO.

Steinhoff hit with record fine by regulator

By Juta and Company (Pty) Ltd Published on Friday, 13 September 2019
Tags: #Company Law
The Financial Sector Conduct Authority (FSCA) slapped embattled Steinhoff International with a record R1.5bn fine yesterday for misrepresenting its finances to the market. Steinhoff will only need to pay R53m of the fine, with the FCSA noting the retailer's current financial position and co-operation with authorities.

Directors’ delinquency applications are open to abuse

By Juta and Company (Pty) Ltd Published on Friday, 06 September 2019
Tags: #Company Law
Giving courts the power to declare directors delinquent was introduced in section 162 of the Companies Act 71 of 2008 as amended in 2011 as part of the overhaul of SA’s corporate law regime.

Report exposes abuse of business rescue process

By Juta and Company (Pty) Ltd Published on Thursday, 29 August 2019
Tags: #Company Law #Insolvency Law
In a report that purports to expose what it terms the 'dark underbelly of the business rescue industry', Moneyweb says a recent Section 417 investigation – an inquiry aimed at discovering whether assets were stripped or looted – into the events leading up to the liquidation of the Benoni-based crane supplier, Harrison and White Investments (H&W), has revealed the extent to which business rescue proceedings can be abused to the detriment of creditors.

Chartered accountant declared delinquent director twice

By Juta and Company (Pty) Ltd Published on Monday, 26 August 2019
Tags: #Company Law #Employment and Labour Law #Litigation
A chartered accountant has found himself on the wrong side of the law because of questionable ethics and conduct. Phumlani Zwane’s protracted legal fight with the Companies and Intellectual Property Commission (CIPC) has been brought to an end by the Gauteng High Court (Pretoria), which has declared him a delinquent director twice over, says a Daily Maverick report.

Rohde in urgent bail bid

By Juta and Company (Pty) Ltd Published on Monday, 08 July 2019
Tags: #Business & Industry Law #Company Law #Litigation
Convicted murderer Jason Rohde will urgently apply for bail this week so that he can deal with a hostile business partner who is a threat to the financial security of his daughters. ‘I respectfully submit that in the interests of justice I am permitted bail to afford me the opportunity to generate income and maintain my children financially, and of course, afford them emotional support,’ he stated in his application filed in the Western Cape High Court last week.

Steinhoff launches unprecedented claim against ex-bosses

By Juta and Company (Pty) Ltd Published on Thursday, 27 June 2019
Tags: #Business & Industry Law #Company Law #Litigation
Steinhoff is claiming R870m from former CEO Markus Jooste and an additional R272m from former CFO Ben la Grange for 'unjustified enrichment', according to a summons filed in the Western Cape High Court.

Fired Old Mutual boss heads to court

By Juta and Company (Pty) Ltd Published on Wednesday, 19 June 2019
Tags: #Business & Industry Law #Company Law
Peter Moyo plans to launch a lawsuit against his former employer Old Mutual after he was fired as the CEO of the insurer over an alleged conflict of interest, his lawyer said yesterday, according to a Business Day report.

Directors at War and the Liquidation Option – A Tale of Sibling Rivalry

By Ashersons Attorneys Published on Tuesday, 04 June 2019
Tags: #Company Law #Litigation
A company’s directors have both the power and the duty to manage the company’s affairs for its benefit. When two or more directors are in place, it’s perhaps natural for the occasional disagreement to arise between them. Indeed, regular expression of a variety of different viewpoints and ideas can make for a strong, dynamic board and business. Provided, that is, that the directors are in the end result still able to agree on the decisions vital to their company’s continued operations.

Brother declared delinquent director in siblings spat

By Juta and Company (Pty) Ltd Published on Tuesday, 14 May 2019
Tags: #Company Law #Litigation
A family feud and legal spat between the co-directors of the Summerstrand Hotel in Port Elizabeth have resulted in one of the siblings being declared a delinquent director and removed as a director from the companies they inherited from their father.

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