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Corporate
Security SPVS and Tax Neutrality – Does the judgment in Capstone 556 (PTY) LTD v CSARS [2014] JOL 32201(WCC) provide clarity about the tax neutrality of Security SPVS?

Despite the bad press that special purpose vehicles (“SPVs”) received during the Enron scandal, SPVs are still an everyday feature of many financial structures. SPVs are commonly used in project finance transactions and in respect of employee incentive schemes, and normally serve a specific business purpose: they are generally created to be independent, bankruptcy remote vehicles and allow the financiers in syndicated loan transactions to share the proceeds of the security provided by the borrower.

Shipping and Logistics
Marine insurance: High Court revisits breach of warranty

The Merchant Shipping Act warranty has been a feature of hull and machinery policies written in the South African market for some time, but its meaning and effect are often uncertain in coverage disputes, owing to the absence of judicial consideration of the clause. However, in Viking Inshore Fishing (Pty) Ltd v Mutual & Federal Insurance Company Limited, the South African High Court recently had an opportunity to decide on the clause and to revisit the effect of a breach of warranty in South African law insurance policies more generally.

Corporate
Bowman Gilfillan’s Success At African Legal Awards Highlights The Benefit Of Local Knowledge

Bowman Gilfillan’s success at this year’s African Legal Awards, announced in Johannesburg on Friday, 31 October 2014, is a clear sign that local knowledge is fundamentally important for law firms seeking to be at the forefront of helping African and international clients leverage the huge opportunities on the continent right now, says Jonathan Lang, Head of Africa at Bowman Gilfillan Africa Group.

Corporate
COMESA Merger Assessment Guidelines

Article 55 of the Treaty Establishing the Common Market for Eastern and Southern Africa (the "Treaty"), provides for the prohibition of any agreement or concerted practice between undertakings, which has as its objective or effect, the prevention, restriction or distortion of competition within the Common Market. It further authorises the Council to: "make regulations to regulate competition within the Member States." The COMESA Competition Regulations (the "Regulations"), made under the Treaty, establish the COMESA Competition Commission (the "Commission") and empower it to regulate competition in the Common Market.

Employment Law
Compensation in Unfair Discrimination Cases

In South African Airways (Pty) Ltd v GJJVV [2014] 8 BLLR 748 (LAC) an airline pilot, Van Vuuren, reached the retirement age of 60 on 5 August 2005. At the same time a collective agreement with the union was being negotiated in terms of which the retirement age would be increased to 63. Agreement on the increased retirement age of 63 was in fact reached on 19 August, but the collective agreement was only signed in November 2005. While the collective agreement was being finalised Van Vuuren was asked to remain at home on standby. When he resumed his duties in December 2005 he received a reduced salary that was lower than that of his younger colleagues who performed the same work.

Corporate
Mining rehabilitation funds - what if they are no longer needed?

Mining companies are obliged to perform environmental rehabilitation of mining sites upon the termination or premature closure, decommissioning and final closure, of mining activities. Section 37A of the Income Tax Act, 62 of 1968 (“the ITA”) serves to align tax policy with environmental regulation and regulates mining rehabilitation funds created with the sole object of applying their property for the environmental rehabilitation of mining areas.

Corporate
Getting the Deal Through - Climate Regulation 2015 - South Africa

Do any international agreements or regulations on climate matters apply in your country? South Africa ratified the United Nations Framework Convention on Climate Change (UNFCCC) in August 1997 and acceded to the Kyoto Protocol in July 2002. As South Africa is classified as a non-Annex I country, it is not required to meet targets and timetables for emission reductions in the Kyoto Protocol. The first commitment period of the Kyoto Protocol ended in 2012. Heavier burdens are placed on developed nations (or Annex I countries) than on developing countries under the principle of 'common but differentiated responsibilities'.

Litigation
Class-action storm brewing on the horizon

In the wake of the unsuccessful bid to form a class action for affected consumers in the R699-car-scheme, and with murmurs of a class action being launched over African Bank's alleged reckless lending practices, it seems this mechanism is increasingly being considered to obtain recourse for aggrieved consumers.The class action, a procedure where a person can institute action on behalf of a similarly affected group of people, aggregates the small claims of many into one significant claim. In countries where this legal procedure is more developed, companies have bemoaned the potentially oppressive nature of class actions, which use the threat of mass-scale litigation to induce settlements.

Corporate
Deal Makers - Development in Africa's Competition Law

Developments in African Competition Law.

Corporate
The Mergers & Acquisitions Review

M&A activity started picking up again in the first quarter of 2013 and this trend has continued in the first half of 2014. Most recent M&A activity in South Africa has been in the telecommunications, financial services, real estate, mining and resources, and hospitality and leisure sectors. While there has been some inward investment into South Africa, M&A activity has been more pronounced between South African companies and by companies investing from South Africa into other African jurisdictions.

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