Report 65 Business Practices CommitteeNotice 817 of 1999 |
Department of Trade and Industry
Harmful Business Practices Act, 1988
I, Alexander Erwin, Minister of Trade and Industry, after having considered a report by the Business Practices Committee in relation to an investigation of which notice was, given in General Notice 2007 of 1998 published in Government Gazette No. 19222 of 11 September 1998, which report was published in Notice 816 in Government Gazette No. 20053 of 7 May 1999, and being of the opinion that a harmful business practice exists which is not justified in the public interest, do hereby exercise my powers In terms of section 12(1)(b) and (c) of the Harmful Business Practices Act (Act No. 71 of 1988), as set out in the Schedule.
A Erwin
Minister of Trade and Industry
Schedule
In this notice, unless the context indicates otherwise, "harmful business practice" means the business practice whereby Kenneth Herbert Roberts:
| a) | in a money lending application, demands, receives or recovers any valuable consideration (the consideration) from the borrower or from any person so applying, whether on his own account or on behalf of any person other than the moneylender; until the amount of money to be borrowed offshore has been deposited into a bank account; and being an account in respect of which only the borrower shall be authorised to withdraw any funds; |
| b) | in an interim transaction, namely the design of a feasibility study, a business plan, a cash now plan, a market research project, the arranging of a letter of commitment, the arrangement of an irrevocable letter of commitment to issue a guarantee and the issuing of an irrevocable letter of commitment to issue a guarantee, that precedes or would lead or purport to lead to a money lending application, demands, receives or recovers any valuable consideration (the consideration) from the borrower or from any person so applying, whether on his own account or on behalf of any person other than the moneylender; until the amount of money to be borrowed offshore has been deposited into a bank account; and being an account in respect of which only the borrower shall be authorised to withdraw any funds; or |
| c) | convey the impression in advertisements that he can arrange financing of loans through funds obtained offshore. |
| 1) | The harmful business practice is hereby declared unlawful. |
| 2) | Kenneth Herbert Roberts is hereby directed to-- |
| a) | refrain from applying the harmful business practice; |
| b) | cease to have any interest in a business or type of business which applies the harmful business practice or to derive any income therefrom; |
| c) | refrain from at any time applying the harmful business practice; and |
| d) | refrain from at any time obtaining any interest in or deriving any income from a business or type of business applying the harmful business practice. |
| 3) | This notice shall come into operation upon the date of publication hereof. |