That’s if a similar matter currently being heard in the High Court in Johannesburg is anything to go by.
Porritt, originally from Pietermaritzburg in KwaZulu-Natal, and Bennett, who lives in Knysna in the Western Cape, are facing accusations of fraud, corruption and infringements of the Income Tax Act and the Companies Act. Wainer’s evidence was based on a report he had drafted as early as 2005, after he had studied documents supplied to him by the state which covered the period from 1996 to 2002.
For the year ending in January 1997, Tigon’s financial statements included R24.9 million, which flowed from Asia Pacific along this route, R17.9 million thereof was shown as profit and R7 million as unspecified provision.Wainer pointed out that the Companies Act, as well as the accounting standards that were applicable at the relevant time, did not allow contributions from shareholders – which these funds were – to be reported as income and, as such, appear on the profit line.
To give the transaction effect, Europoint’s trademarks were transferred to Asia Pacific at no extra cost.
We thank you for showing the faces of those white crooks 🙏
Of course it takes long, the righteous indignation is saved for public service
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