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South Africa Case Law

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Commercial And Corporate [2015] ZASCA 113

Sasol Limited v Chemical Industries National Provident Fund (20612/2014)

Sasol Limited v Chemical Industries National Provident Fund (20612/2014) [2015] ZASCA 113 (7 September 2015)

Court
Supreme Court of Appeal
Case number
20612/2014
Judges
Mpati, Cachalia, Mhlantla, Gorven, Baartman

The court held that the process for transferring members from the respondent fund to the appellant funds was not validly completed. Although some steps were taken to comply with the rules, the trustees of the respondent fund did not make an express or tacit decision that they were satisfied the transfer was reasonable and equitable and accorded full recognition to members' rights and expectations, as required by rule 10.2.3. The communication exercise, while substantial, did not substitute for the trustees' fiduciary decision. Furthermore, the effective date for cessation of contributions is…

Source excerpt

  • Pension Funds Act
  • Interpretation Of Fund Rules
  • Fiduciary Duties Of Trustees
  • Transfer Of Membership
  • Section 14 Transfers
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Banking And Finance [2013] ZAGPJHC 401

Executive Officer of the Financial Services Board (the FSB) v Cadac Pension Fund; InRe: Executive Officer of the Financial Services Board v Cadac Pension Fund and Others (2010/50596)

Executive Officer of the Financial Services Board (the FSB) v Cadac Pension Fund; InRe: Executive Officer of the Financial Services Board v Cadac Pension Fund and Others (2010/50596) [2013] ZAGPJHC 401 (13 December 2013)

Court
South Gauteng High Court, Johannesburg
Case number
2010/50596
Judge
C Heaton Nicholls

The court found that the Cadac Pension Fund had been subject to fraudulent surplus stripping transactions orchestrated by Nash and others, justifying curatorship. Mostert's alleged conflict of interest was determined to be a red herring, as any claims between Sable and CPF were administrative and not substantive. The evidence, including emails from Nash, demonstrated that claims were fabricated to avoid regulatory scrutiny. The trustees, having been divested of management powers by the provisional order, lacked locus standi to bring counter-applications or joinder applications. The use of Mos…

Source excerpt

  • Curatorship Of Pension Funds
  • Conflict Of Interest
  • Fiduciary Duties
  • Section 14 Transfers
  • Costs Orders
  • Surplus Stripping
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About this LexChat collection

South Africa decisions are organised by court, judge, legal area and indexed issue so a practitioner can move from a proposition to a citable authority with the surrounding context intact.

Source links and collection timestamps are retained alongside the indexed records.