Prince Jefri, brother of the Sultan of Brunei, has become well known in recent years for high spending. He served for more than ten years as head of the Brunei Investment Agency (BIA) (essentially the Sultanate's treasure trove) and as Finance Minister, in which capacities he managed the vast accumulation of funds that Brunei's oil revenues generated. Brunei's economy slumped and Prince Jefri was blamed for much of his nation's consequent economic travails. In 1997 he was fired from those positions. Relations between him and the Sultan became strained.
Much has been written recently about share buy-backs as a result of the recent promulgation of the relevant amendments to the Companies Act 61 of 1973 which came into operation on 30 June 1999. (See for example Koos and Pieter Stassen's article in 1999 (Aug) DR 63 and Bruce Cleaver's article in 1999 (Sep) DR 49.) The latest Taxation Laws Amendment Bill contains some amendments intended to cater for share buybacks. This article summarises the effect of these amendments as well as other tax consequences of share buy-backs and share buy-ins.
A great deal of publicity has been given to the Employment Equity Act 55 of 1998 (the EEA) in the media. The Act also has far reaching implications for both employers and employees in the legal profession. The EEA is currently being implemented in various stages: Chapter II: Discrimination Chapter II which prohibits unfair discrimination in the workplace, came into operation on 9 August 1999 (see 1999 (Oct) DR 70). It applies to all employers regardless of size and also protects applicants for work