SALUTE FINANCE LTD AND REX ENERGY LTD MISC
The application to lift the corporate veil was dismissed because the applicant failed to establish any fraud, improper conduct, concealment, or other recognized grounds for disregarding the separate legal personality of the 1st Respondent. The mere fact that the 2nd and 3rd Respondents are sole shareholders/directors and executed agreements on behalf of the company, or that the company has no assets, does not justify lifting the veil. The applicant's evidence did not meet the legal threshold for piercing the corporate veil under Tanzanian law and established principles.
Source excerpt
- Lifting/piercing corporate veil
- Execution of decree
- Director/shareholder liability
- Limited liability
- Judgment enforcement