“Once empowered always empowered” and Mining Charter III revisited by the courts
In what can be seen as a victory for the Minerals Council of South Africa, the Gauteng High Court (“the Court”) ruled this week against the Minister of Mineral and Energy Resources (“the Minister”).The question in dispute before the Court concerned the ambit of the powers of the Minister in terms of the Minerals and Petroleum Resources Development Act (“MPRDA”) [...]
Bravura Corporate Finance women featured in DealMakers Women 2021
In celebration of Women’s Month, a premier ranking publication DealMakers, featured a number of women from within the corporate finance sector, who each are succeeding in what has remains a male-dominated environment. Bravura’s Soria Hay and Evon Jeewan were included in the feature. The full publication can be viewed here Soria Hay, Head of Corporate Finance What drives you? [...]
Video explaining loop structures
Ian Matthews, head of Business Development at Bravura, along with Jared Waters and Rudelle Ellmann of the Structured Solutions team, outlines the changes to South Africa's exchange control regulations. They explain why the now-permitted loop structure is an important consideration; highlight the typical scenarios of South Africans incorporating offshore aspects to their estate planning or corporate structures; and bring [...]
Relaxed loop structure to benefit estate planning
At the beginning of 2021, the South African Reserve Bank (“SARB”) announced a relaxation of the rules relating to loop structures. The Bank of Namibia (“BoN”) has yet to announce their alignment to the easing of these restrictions. In light of the anticipated alignment, people should begin looking now at their estate planning structures to explore how their current structures [...]
The now-permitted loop structures require important tax considerations
Kemp Munnik, head of Structured Solutions, draws attention to the swooping changes in the exchange control regulations and the subsequent tax amendments. The 2020 Budget of Finance Minister Tito Mboweni was a watershed budget in which it was announced that South Africa’s existing exchange control system would be modernised. To promote and encourage inward investment into SA, the entire [...]
Broad-based trusts ownership status no longer hanging in the balance
In February this year, Trade, Industry & Competition minister Ebrahim Patel, commented that broad-based ownership schemes were genuine broad-based black economic empowerment (B-BBEE), a position at odds with the B-BBEE Commission’s stance at the time. Black ownership schemes reacted to the statement by calling on Minister Patel to provide urgent written clarity on the matter. On 18 May, Minister [...]