Companies Act, 2008 (Act No. 71 of 2008)Chapter 7 : Remedies and EnforcementPart D : Complaints to Commission or Panel175. Administrative fines |
| (1) | A court, on application by the Commission or Panel, may impose an administrative fine— |
| (a) | only for failure to comply with a compliance notice, as contemplated in section 171(7); and |
| (b) | not exceeding the greater of— |
| (i) | 10% of the respondent’s turnover for the period during which the company failed to comply with the compliance notice; and |
| (ii) | the maximum prescribed in terms of subsection (5). |
| (2) | When determining the amount of an appropriate administrative fine, the following factors must be considered: |
| (a) | The nature, duration, gravity and extent of the contravention; |
| (b) | any loss or damage suffered as a result of the contravention; |
| (c) | the behaviour of the respondent; |
| (d) | the market circumstances in which the contravention took place; |
| (e) | the level of profit derived from the contravention; |
| (f) | the degree to which the respondent has co-operated with the Commission or Panel, as the case may be, and the court; and |
| (g) | whether the respondent has previously been found in contravention of this Act. |
| (3) | For the purpose of this section, the annual turnover of any person, is the amount determined in the prescribed manner. |
| (4) | A fine payable in terms of this section must be paid into the National Revenue Fund referred to in section 213 of the Constitution. |
| (5) | The Minister may make a regulation prescribing the maximum amount of an administrative fine, which amount must be not less than R1 000 000. |