Legal Articles and Guides
Creditors can file ‘delinquent director’ bids
In what a Business Day report calls a rare victory, a company’s creditor was given authorisation to bring an application against its directors to declare them unfit and personally liable in a trial involving more than R400m from an alleged unpaid load.
Jooste’s directorship ban upheld
Former Steinhoff CEO Markus Jooste is barred from being a director of a listed company for a period of 20 years, after the Financial Services Tribunal declined his application for the JSE to reconsider the sanction it meted against him in January.
Jooste loses German arrest warrant appeal
Markus Jooste, former CEO of Steinhoff International Holdings NV, lost an appeal against the arrest warrant issued by a German court after he failed to show up for trial in the country, reports Moneyweb.
Proposed auction of ‘tombstone’ mall halted
The proposed sale or auction of The Villa ‘tombstone’ mall in terms of a proposed business rescue plan for the developer of the derelict half-built shopping centre in Pretoria’s eastern suburbs has been thrown into disarray, reports Moneyweb.
Delinquent director applications time limit being reviewed
The Department of Trade, Industry & Competition is planning to amend the Companies Act to address the two-year time bar on applications to have a director declared delinquent. Such an amendment would allow applications to be lodged after the two-year cut-off, reports BusinessLIVE.
Wiese cleared to sue Jooste over wine estate sale
The Western Cape High Court has given business magnate Christo Wiese the green light to proceed with his lawsuit against his former Steinhoff colleague Markus Jooste to regain control of the Lanzerac wine estate.
Son wins directorship battle
The Western Cape High Court has ruled in favour of a son who had sued his late father’s fiancée and life partner over whether he could sit as a director of a firm in which his father owned shares.
Shareholders vote against Froneman’s R190m package
Sibanye-Stillwater shareholders holding almost half of the company's shares have demonstrated their dissatisfaction with the generous pay packages dished out to the mining company's executives, including a R190m payout for its CEO, Neal Froneman.
Absa ordered to hand over director’s removal records
The Gauteng High Court (Pretoria) has ruled Absa must hand over its record of decision resulting in the removal of former lead independent director Sipho Pityana from the board in November 2021.
Steinhoff shareholders to get 20% of their shares
Steinhoff shareholders who stood to get nothing as the indebted company entered restructuring could keep 20% of their shares in the new unlisted company, under the draft Dutch restructuring plan.
PIC board happy with AYO settlement
Despite the board of the Public Investment Corporation (PIC) blasting executives for the secrecy around the court-approved settlement with JSE-listed IT company AYO Technology Solutions, the board considers the settlement a good commercial move.
Prosecutors seek arrest warrant for Jooste
German prosecutors yesterday applied for an arrest warrant against disgraced SA businessman Markus Jooste after he failed to show up for his criminal trial in Germany.
Whites-only enclave faces ruin
A whites-only, Afrikaans-speaking enclave in the Northern Cape faces ruin after the company formed to run it was provisionally wound up because it was founded and run illegally, says a News24 report.
AYO/PIC deal signed before due diligence completed
The Western Cape High Court has heard that analysts at the Public Investment Corporation (PIC) were still conducting due diligence on a proposal to buy shares in IT group AYO in late 2017 when they heard that then-CEO Dan Matjila had already signed the deal, reports Fin24.
Spar hopes for ‘shortcut’ to end black retailers dispute
Spar chairperson Mike Bosman yesterday said there may be a ‘shortcut process’ to end the long-running dispute with a group of black retailers, reports Fin24.
