Daan's Snippets

Economy

President Mnangagwa says that the re-introduction of the Zimbabwe dollar will be a “return to normalcy”. If one were a sceptic, normalcy means bankruptcy and high inflation.

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The US dollar is predicted to slide into a modest bear market; i.e. 5 – 10% from current levels on the back of easing short-term interest rates (Amundi Pioneer Asset Management reported by Bloomberg).

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I hold an article on the wisdom of QE by Prof Burger (UOFS): ask me for a copy.

Business

Tongaat Hulett has opened a criminal case against one of its former executives: of late there have been numerous such reports where one person is blamed for the downfall of a corporate giant. Assuming that person’s guilt: was there no board oversight?

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Enrol for an LLB if you want to start a business: the Business Insider commented on the annual SA Wealth Report which showed that of all South African dollar millionaires-

  • 28% hold an LLB; and 
  • almost half are “directors”.

The next most represented degree among South African dollar millionaires is a commercial degree, at 19%.

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Meritocracy: merit is no longer the primary determinant for business appointments. Recently I reported on the American loading of SAT scores in the admission of students to colleges with the intent of addressing disparities of wealth. This is laudable but does create problems in that one’s birth may hold one back. The funny thing is that, if one compares SAT scores, Asians should be penalised as they outscore everyone else by a substantial margin! https://moneymaven.io/mishtalk/economics/college-entrance-exam-sat-score-racial-profiling-964-1223-RVwmvEOU8kq-brXgc9bWkw/

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On the merits of franchising: https://propertyprofessional.co.za/2019/06/27/want-to-own-a-business-joining-a-franchise-is-one-option/

Property

Of late, every week seems to bring a new rant of mine: another irritating request that we get repeatedly comes from transfers of so-called sectional title duplexes: the agent tells us there is no body corporate. BS; they exist but have simply not been run as it suits both owners do not do so. Any conveyancer who signs off that the non-existent body corporate had given him a rates clearance certificate, is simply not complying with this Sectional Titles Act. Moreover, in doing so, a future owner is deprived of the entitlement to existing funds for maintenance and the like.

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The KZN intra provincial tariff has been made available. Essentially, Pietermaritzburg attorneys work at a cheaper rate when it comes to lodging deeds for their colleagues, if they come from KZN and not outside KZN. I believe that the distinction, today, is unsustainable.

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Those of us who travel overseas return home knowing that South African estate agents overcharge: is this so? In defence of local tariffs: https://propertyprofessional.co.za/2019/06/27/sas-estate-agents-earn-their-high-commission/

Perhaps a part of earning your keep is to make sure you are on top of the game: https://www.bizcommunity.com/Article/196/368/192441.html

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Historically unusual: Levitt so describes the current bank approach to businesses borrowing to acquire their own premises. Consider this, but do your homework: https://www.property360.co.za/news/asking-right-questions-is-key-to-investment-27255693

Practice

An evergreen issue, in trust law, is whether in an inter vivos trust, which contains a clause allowing the variation of including the addition/subtraction of beneficiaries, may be amended without the cooperation of existing beneficiaries. The following case says yes: http://www.saflii.org.za/za/cases/ZAWCHC/2019/56.html

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The SARS transfer duty system has been spewing out transfer duty receipts devoid of property descriptions. Do check.

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The recent practice directive, regulating case management and the enrolment of trials at the Gauteng high courts, reportedly has the legal fraternity up in arms. The stated objective of the measures was to alleviate congested trial roles and backlogs. One of the causus belli was a ruling that all trial dates, falling after 31 March next year, shall be forfeited.

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Rule 43 applications: if you do divorces you should read this case: http://www.saflii.org.za/za/cases/ZAGPJHC/2019/180.html

Whilst on divorce law, the constitutionality of section 16 (3) of the Superior Courts Act was dealt with in http://www.saflii.org.za/za/cases/ZACC/2019/22.html

Quotables

I have learned that not diamonds but divorce lawyers are a girl’s best friend.

You never really know a man until you’ve divorced him

Za Za Gabor 

Comment

It would be very interesting to see what Judge Zondo says when Nummawan appears before him; his attorney having said that he is relishing appearing but that the commission is set up to ambush and humiliate him rather than to fulfil the mandate of the commission. Those who say so have clearly prejudged the outcome and one cannot imagine Judge Zondo being overly pleased.

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Sowing Dragon’s teeth: the KZN traditional leaders are now asking for Wi-Fi, cars, housing allowances, drivers and better salaries. The fact is that the Amakhozi virtually replace local government in the tribal lands and, once accepted in such a role, such benefits can hardly be denied to them.

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Teaching and learning: being taught a sport lesson is one thing. Learning from that lesson seems to be something our sport administrators will not do.

Lighten up

“This guy called up his lawyer to tell him he was filing for divorce, and the lawyer inquired as to the grounds for the suit. ‘I’ve got grounds, all right,’ sputtered the irate husband. ‘Can you believe my wife told me I’m a lousy lover?’ ‘That’s why you’re suing?’ pursued his lawyer. ‘Of course not. I’m suing because she knows the difference.’”

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“Jack is telling his friends about his recent divorce. ‘Yeah, she divorced me for religious reasons. She worshiped money, and I didn’t have any.’”

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“What’s the only thing divorce proves? Whose mother was right in the first place.”

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“My friend asked me, ‘Why are you getting a divorce?’ I responded, ‘My wife wasn’t home the entire night, and in the morning, she said she spent the night at her sister’s house.’ He said, ‘So?’ And I responded, ‘She’s lying. I spent the night at her sister’s house!’”

Contributed by:
Daan Steenkamp Attorneys

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