The Johannesburg Stock Exchange (JSE) has approved various amendments and proposed further amendments to the JSE Listings Requirements (JSE Listings Requirements) and the JSE Debt Listings Requirements (JSE Debt Listings Requirements).
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During May 2023, members of our Bowmans’ Private Equity Practice attended the annual African Private Equity and Venture Capital Association (AVCA) Conference held in Cairo, Egypt, and the annual Southern African Venture Capital and Private Equity Association (SAVCA) Conference held in Stellenbosch, South Africa. The AVCA conference delved into the challenges and success of investing in Africa. The SAVCA conference highlighted the resilience of the South African private equity landscape.
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In a recent decision by the Labour Court, the reliability of breathalyser testing to prove the contravention an employer’s zero tolerance alcohol and drugs policy was called into question. In the matter of Samancor Chrome Ltd (Western Chrome Mines) v Willemse and Others, the court found that the arbitrator did not reach an unreasonable decision in finding the employee’s dismissal to be substantively unfair. The employee had tested positive for alcohol on three breathalyser tests on two different machines, but a blood test yielded a negative result.
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A recent judgment of the Supreme Court of Appeal has highlighted the Value Added Tax risks for grant recipients, especially in the context of ‘conduit’ payments to be distributed to third parties. Although the judgment deals with procedural issues only, it demonstrates that one cannot assume that grants will always be VAT neutral.
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The Supreme Court of Appeal recently handed down judgment in the judicial review of the Mandatory Audit Firm Rotation Rule promulgated by the Independent Regulatory Board for Auditors in June 2017. The impact of this judgment in the short term is expected to be relatively minimal, given that many public interest entities would have already taken steps to comply with the MAFRR in advance of 1 April 2023.
Continue readingThe Constitutional Court has ruled that it is constitutionally permissible to disclose tax records where such a disclosure is in the public interest. As a result certain sections of the Tax Administration Act (TAA) and Promotion of Access to Information Act (PAIA) have been found unconstitutional. The Constitutional Court has granted Parliament a period of 24 months to address the constitutional invalidity. Meanwhile, the court has ‘read-in’ words into PAIA the TAA pending any measures to be taken by Parliament to address the constitutional invalidity.
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