oa De Rebus - Illicit outflow of capital from South Africa eliminated by statutory duties placed on directors : case note
In this article a simple illustration is first given of the concepts of semi-privatisation and privatisation. Secondly, common law duties and fiduciary duties of directors under the Companies Act 71 of 2008 (the Act) are discussed. Lastly, the case of Kukama v Lobelo and Others (GSJ) (unreported case no 38587/2011, 12-4-2012) (Tshabalala J) is cited in terms of the far-reaching ramifications on directors in light of deterring directors from engaging in illicit outflow of capital activities.
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