Commercial Law news


Subscribe to industry newsletters

Bizcommunity has over 400 industry contributors and we always welcome further contributions and contributors.
Advertise with us
Advertise & RatesMy Account
Company press officeList company
Recruitment packagesSubmit job ad
Download ratecard
Commercial Law news

Malema will oppose liquidation

Former ANC Youth League leader Julius Malema has instructed his attorneys to oppose the application by the South African Revenue Service (SARS) to have his estate sequestrated following his failure to pay a tax debt of R16m.
Malema will oppose liquidationNicqui Galaktiou from the Johannesburg law firm Brian Kahn confirmed that she had been instructed to oppose the application. She said they have until the 18 February to enter the notice to oppose and then another three weeks after that to file an answering affidavit.

She confirmed that Malema would not comment at the moment‚ but will issue a press statement, probably later today.

SARS filed its notice of set down in the North Gauteng High Court asking for Malema's sequestration‚ saying he was factually insolvent and that it would be to the benefit of his creditors if his estate was sequestrated. Malema tried to reach a compromise with SARS‚ suggesting that he would borrow R4m for the full and final settlement of his debt. SARS rejected the offer.

He has been under investigation from 2010 after SARS alerted him to the fact that he had not filed income tax returns from 2005 to 2011 despite being a registered taxpayer.

Malema had subsequently submitted tax returns but his woes started when SARS questioned large amounts paid into his bank account and that of the Ratanang Family Trust‚ as well as the non-disclosure of certain assets associated with the trust.

The court documents referred to discrepancies in his explanations of where large amounts of money came from.

"It is contended that these discrepancies are not conducive to concluding that the respondent (Mr Malema) has indeed made a full and frank disclosure to SARS and support SARS' contention that it would be to the benefit of the respondent's creditors to sequestrate his estate‚" SARS said.

SARS has asked the court to set the matter down for 27February.


SOURCE

I-Net Bridge
For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.

We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.
Go to: http://www.inet.co.za
    
 
LEGAL DISCLAIMER: This Message Board accepts no liability of legal consequences that arise from the Message Boards (e.g. defamation, slander, or other such crimes). All posted messages are the sole property of their respective authors. The maintainer does retain the right to remove any message posts for whatever reasons. People that post messages to this forum are not to libel/slander nor in any other way depict a company, entity, individual(s), or service in a false light; should they do so, the legal consequences are theirs alone. Bizcommunity.com will disclose authors' IP addresses to authorities if compelled to do so by a court of law.

News