SECOND SALE FOR A LOWER PRICE & DAMAGES SUFFERED
Klopper N.O and Others v Marais and Another (4786/2019) [2023] ZAFSHC 65 (6 March 2023)
Sale agreements have cancellation provisions stating what parties should do where the sale is to be cancelled, for example when a purchaser fails to pay the deposit as agreed upon. If the seller thereafter manages to sell the property, but at a lower price, does he have a claim for damages? Indeed, he has, although the seller remains liable to mitigate the loss as far as is reasonable. The judgment is a case in point.
The Judgment
Summary of the Judgment
REPORTING CASH RECEIPTS TO THE FIC
Volvo Group Southern Africa (Pty) Ltd v Financial Intelligence Centre (A277/2021) [2023] ZAGPPHC 219 (14 March 2023)
For a while uncertainty existed amongst accountable and reporting institutions whether X should report cash received (in excess of the threshold amount) to the FIC if the payment was actually made at Y (usually a bank) into X’s account. X argues that it never received the cash. This judgment resolves the dispute and confirms that both institutions are under the obligation to report the cash receipt. (See also FIC Guidance Note 5C.) Failure to do so is sanctioned and can be costly.
We invite clients to contact us without delay for assistance with FICA compliance requirements and implementation.
