YOU might have missed it, but last week the supreme court of appeal (SCA) handed down one of the most crucial decisions regarding the public’s right to transparency from big companies in recent years. For years, Moneyweb journalist Julius Cobbett had been investigating the Sharemax groups and their controversial property syndication scheme.Along the way, Cobbett launched what should have been a routine bid to get access to the share registers of three companies linked to Sharemax — Nova Property Group, Frontier Asset Management and Centro Property Group — using section 26(2) of the 2008 Companies Act. Naturally, Cobbett expected a prompt response.After all, that section of the Companies Act says any person “has a right to inspect or copy” share registers of companies. Section 26(4) says companies that get such a request must respond within 14 business days. And section 26(9) makes it a criminal offence for companies to unreasonably refuse access.Yet, the three Sharemax-linked compan...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.