Zimbabwe: Boardroom Wrangle Erupts at Aico Nov 21, 2009
Insiders at AICO said daggers were drawn out against Mapara in August/September this year after an audit by KPMG lifted the lid on transactions that were done in contravention of exchange control regulations ... The Financial Gazette was the first to reveal the results of a KPMG audit, which brought to the fore startling creative accounting methods that were hatched by management at AICO to circumvent exchange control regulations at the height of the country's economic recession ... An analysis... (allAfrica.com)
The Colombo Stock Exchange in Sri L... Nov 16, 2009
Foreign investment in the CSE is generally freely permitted and yields from investments such as interest, dividends and other profits from such investments are not subject to Exchange Control Regulations by the Sri Lankan Government. Record Growth of the Colombo Stock Exchange. (Suite101.com)
Risk aversion hits rand Oct 29, 2009
She said the relaxation of exchange controls, announced by Finance Minister Pravin Gordhan on Tuesday, contributed to the fall ... In his medium-term budget policy statement, Gordhan announced the easing of a number of exchange control regulations ... Moves to dismantle exchange control started in 1995 with the elimination of the two tier currency, which had forced residents to pay a premium to exit the rand. (Business Report, South Africa)
Certain exchange control measures relaxed Oct 28, 2009
In an effort to reduce the cost of doing business in South Africa, the finance minister yesterday announced the relaxation of certain exchange control measures. More wide-ranging reforms are set to be revealed in the budget next February. (Business Report, South Africa)
Rand hits 3-1/2 week low vs US dollar Oct 28, 2009
Exchange control relaxation news weigh on rand ... South Africa's rand fell to a three-and-a-half week low against the dollar on Tuesday after the National Treasury announced easier exchange controls and local stocks fell as lower metal prices weighed ... 9 percent GDP contraction this year and a further relaxation of exchange controls. (Business Report, South Africa)
Nero's ghost in Istanbul Oct 23, 2009
Trade restrictions, bilateral arrangements, and exchange control became the global landscape. The principal architect of the Bretton Woods system, Harry Dexter White of the United States, summarized the hard lesson: "The absence of a high degree of economic collaboration among the leading nations will ... inevitably result in economic warfare that will be but the prelude and instigator of military warfare on an even vaster scale.". (Asia Times Online)
Inside Trader Has Long Faced Scrutiny in Sri Lanka Oct 20, 2009
Though he has not faced any formal charges in Sri Lanka, Rajaratnam and the Galleon Group, the hedge fund he founded, have been linked by Sri Lankan financial authorities to a pending court case in which a sitting parliamentarian is among the accused facing charges of violating exchange control rules. The defendants have been charged with depositing $3 million into a private bank without informing the Central Bank, per national banking laws. (Time.com)
Fraud trial accused call four 'unwanted' advocates mediocre Oct 18, 2009
Porritt and Bennett face charges including fraud, tax evasion, share price manipulation, racketeering, and contravention of exchange control regulations, the Income Tax Act and the Stock Exchange Act. This follows the collapse of PSG Guaranteed Growth fund in which investors, mainly old-age pensioners, lost R150 million. (Business Report, South Africa)
JSE welcomes additions Oct 17, 2009
Until now, investors would have had to trade these commodities on international markets using their foreign exchange allowance and would have been subject to exchange control regulations. Now individuals and corporates have no limits in terms of trading these three commodities on the JSE.. (iAfrica.com)
Botswana: A Political Novice With Ambition Oct 17, 2009
Moumakwa is disappointed with the BDP government for liberalising the exchange control regime. He says the government is not aware of the mineral transfer pricing. (allAfrica.com)
SADC central banks work towards single payment system Oct 14, 2009
Macroeconomic targets and exchange control regulatory convergence "cannot happen overnight". However, it was envisaged that there would be one central bank for the region "in 10 years". (Business Report, South Africa)
A protracted overvalued currency harms economy Oct 7, 2009
The reality is that the various options available - lowering interest rates, strategic forex management, a Tobin tax on capital inflows and relaxing exchange control - all have their proponents and critics. The Tobin tax was proposed 40 years ago by US economist James Tobin, and despite being espoused by interests across the political spectrum, has never made much headway. (Business Report, South Africa)
Envoy urges M’sians to explore Nigeria Oct 5, 2009
The Nigerian government has put in place policies and programmes that guarantee a free market economy, liberalised exchange control regulations and allowed unrestricted movement of investment capital, he said. Bernama. (The Star Online, Malaysia -- Business)
Emigration ins and outs Oct 2, 2009
Also, if you log onto and look at their exchange control manual you will find comprehensive information about what is required from you ... People regarded as South African residents for exchange control purposes who are leaving the Republic to take up permanent residence in any country outside the Common Monetary Area (CMA) may, before departure, apply to an authorised dealer for emigration facilities ... Emigrants can, on application, request to transfer blocked assets in excess of the limit... (iAfrica.com)
Pension and emigration Oct 2, 2009
In terms of the Reserve Banks Exchange Control regulations, monthly pension payments that are paid by registered pension funds may be remitted offshore to an emigrant. I would suggest you do the following. (iAfrica.com)
MTN, Bharti May Seek to Cross Regulatory Hurdles, Salvage $23 Billion Deal Oct 1, 2009
The proposed terms of the deal had required certain approvals as the planned structure was outside the current exchange control regulatory framework for such transactions, it said in a statement. The South African and Indian finance ministries are committed to working together to lay the basis for the development of mechanisms for such mergers, the treasury said. (Bloomberg -- Asia)
Devil in the details Oct 1, 2009
"However, when companies structure their relationships outside the current exchange control regulatory framework for such transactions, they require the approval of the Minister of Finance," the Treasury said. "This was the case with the proposed MTN-Bharti merger, which required certain exchange control and other approvals.". (iAfrica.com)
Icasa's MTN feud turns rand down Sep 22, 2009
Pandy said that the Treasury had "received an application from MTN for an exemption on a range of exchange control regulations, and due process is being followed". Communications Minister Siphiwe Nyanda and the Independent Communications Authority of SA (Icasa) have expressed reservations about the transaction, which would create a combined operation with 200 million subscribers in 23 countries. (Business Report, South Africa)
MTN Bharti deal awaits two country approval Sep 15, 2009
According to Lesetja Kganyago, the director general of the National Treasury, the department is now applying its mind to the exchange control aspects of the deal. Speaking in the margins of the Africa Emerging Markets Forum on Monday the DG said that the South African approval of the scheme will probably be complete before the end of this year, but that he could not speak for the Indian government. (Business Report, South Africa)
CEPS warns personnel against alleged extortions Sep 5, 2009
Accra, Sept. 4, GNA - Mr M.E.R.K Lanyon, Acting Commissioner of the Customs Excise and Preventive Service (CEPS), has warned personnel at the Foreign Exchange Control Seat at the Airport, against reported cases of extortions. A statement issued and signed by Mr Kwamena Ewusi-Brown, Chief Collector in charge of Public Relations said Mr Lanyon "warned that the practice should cease forthwith because any personnel caught in the act would be sanctioned appropriately." "The situation is worrying and... (Ghana Web, Ghana)
NEF rewards MTN investors to stimulate savings culture Sep 4, 2009
The National Treasury confirmed this week that it was processing an exchange control application from MTN for the proposed merger. The Treasury and the Reserve Bank will have to consider whether the flow of money relating to the proposed deal infringes on exchange control laws and if any exemptions are necessary. (Business Report, South Africa)
Rand firms on euro Sep 3, 2009
"That gold is surging clearly helps, so too the news that an exchange control application associated with the Bharti-MTN deal has been submitted. "We're set for another positive at mid-day; we look for the 2Q09 current account deficit to be reported at 3. 8 percent of GDP (an annualised 89 billion rand), well down from the 7. (iAfrica.com)
Force Indias first podium raises expectations in India Sep 1, 2009
India hope to host a Formula One Grand Prix in 2011 despite exchange control obstacles and Force India s success is expected to generate further interest in the build up to the event. With F1 the second largest watched sport in the world after World Cup soccer, just to have the name Force India up there is a matter of huge pride for 1. (The Star Online, Malaysia -- Sports)
Zimbabwe: Zimdollar Debate - More Than Simple Economics Aug 23, 2009
In addition, Zimbabwe's gold and exchange control transactions will have to be synchronised with the policies adopted for the management of the rand union. However, Zimbabwe could benefit from easier access to the South African capital and money markets and a right to enter into bilateral agreements with South Africa, with the South African Reserve Bank availing temporary central banking facilities. (allAfrica.com)
Porritt and Bennett petition appeal court as fraud trial drags on Aug 23, 2009
The indictment against the two is about 3 500 pages long, charging Porritt and Bennett inter alia with fraud, tax evasion, share price manipulation and contravention of exchange control regulations. Porritt and Bennett were directors of collapsed financial services company Tigon. (Business Report, South Africa)
Baker Hughes Announces Second Quarter Results Aug 5, 2009
" A replay will be available through Wednesday, August 19, 2009. The number for the replay is (800) 642-1687, or (706) 645-9291 for international callers, and the access code is 15689055. The call and replay will also be web cast on www.bakerhughes.com/investor. Forward-Looking Statements This news release (and oral statements made regarding the subjects of this release, including on the conference call announced herein) contain forward-looking statements within the meaning of Section 27A of the... (PR Newswire)
BAT to seek listing reclassification Jul 31, 2009
BAT, which was listed on the JSE as part of the restructuring of Remgro, has been classified as an "inward listing", which means investors are subject to exchange control restrictions. These limitations cap the value of investment that local investors can make in BAT and means that the JSE cannot include the tobacco giant in any of its indices. (Business Report, South Africa)
SA investors can now be like Buffet Jul 23, 2009
While retail investors and corporate entities did not have any exchange control restrictions, institutional investors had to comply with foreign portfolio regulations, the JSE said. Contracts were priced and settled in rand, it added. (Business Report, South Africa)
Carroll carries the can for years of unwise decisions Jul 10, 2009
It didn't evolve out of a planned strategy, and after the Sharpeville massacre of 1960 and the prompt erection of impenetrable exchange control barriers, there was nowhere else for Anglo to go other than to keep reinvesting in South Africa. More than anything else, this was a major disservice to South Africa's mining industry, then the world leader: it hobbled the houses and handed a free ticket to international competitors. (Business Report, South Africa)
Dollar's futurein US hands Jul 2, 2009
In a article, I wrote: "China needs to activate its domestic market to balance its overblown foreign trade. The Chinese economy can benefit enormously by the aggressive deployment of sovereign credit for domestic development and growth, particularly in the slow-growth western and central regions. Sovereign credit can be used to stimulate domestic demand by raising wage levels, improve farm income, promote state-owned-enterprise restructuring and bank reform, build needed infrastructure, promote... (Asia Times Online)
Taskforce forms to check $1.5b fraud claim Jun 16, 2009
It was announced on Sunday night that investigators from South Africa's Financial Intelligence Centre, Revenue Service, Reserve Bank, Serious Economic Offences unit and National Prosecuting Authority would investigate "serious allegations including possible fraud, money laundering, tax evasion and foreign exchange control violation against Mr Barry Tannenbaum and associated entities". The taskforce met on Friday to decide a plan of action, the same day the Herald discovered Mr Tannenbaum in... (Sydney Morning Herald -- Australia)
Special task team works on case Jun 16, 2009
The establishment of the team follows an urgent meeting of law enforcement agencies on Friday to co-ordinate their efforts, clarify terms of reference and decide on a plan of action for an investigation into allegations including fraud, money laundering, tax evasion, as well as foreign exchange control violation. - Roy Cokayne. (Business Report, South Africa)
Avoiding local fund managers May 31, 2009
The Reserve Bank also needs to approve a request to take funds out of the country and would be very concerned about funds being invested offshore without proper compliance with the various exchange control regulations. Possible penalties for breach of these regulations could include fines and/or imprisonment. (iAfrica.com)
'Odd incidents' surround Specter switch... May 8, 2009
The Fix - White House Cheat Sheet: Sifting Through the Specter Damage. The Fix Web-Wide News Alerts Get The Post's take on whatever you're reading -- anywhere on the Web. (The Drudge Report)
Khir has his say on allegations Apr 19, 2009
Q: PR has raised questions on the transaction about whether it contravened the Exchange Control Act and Anti Money Laundering Act. A: How can we transfer such a huge amount of money from here to Mecca without approval from Bank Negara. (The Star Online, Malaysia)
Khumalo misled Reserve Bank Apr 10, 2009
The story begins in 2002, when Khumalo told the exchange control department of the Reserve Bank that Efferton, a company based in the British Virgin Islands, was 100 percent owned by a non-South African, according to an affidavit by Alexander Ellis, the assistant general manager and head of investigations at the exchange control (Excon) department ... In his replying affidavit, Khumalo said he had on a number of occasions asked the bank for details of how it believed he had contravened exchange... (Business Report, South Africa)
G20 must deliver Apr 3, 2009
Last Updated: 03:04pm 02 Apr 2009. 13 25 SPONSORED LINKS. (iAfrica.com)
Tax base could grow 9% in next year, says Sars Apr 2, 2009
The higher tax take in recent years had been helped by offshore exchange control and the tax amnesty in 2003. But Mazansky had reservations about the push to meet collection targets each March. (Business Report, South Africa)
Beyond the dollar Apr 1, 2009
No currency that is subject to an exchange control regime has any claim to be included in the international monetary system, the essence of which is the free movement of capital. There are also, incidentally, remaining questions about the Chinese banking system. (Asia Times Online)
Khumalo's tiff with Reserve Bank likely to be drawn out Feb 24, 2009
The technicality hinges on exchange control regulations of the 1933 Currency and Exchanges Act, which the court said did not set out a time limit for the attachment of money and goods. The bank contends that Khumalo flouted exchange control regulations by vesting the shares in an offshore entity set up in the Virgin Islands. (Business Report, South Africa)
Zimbabwe: Central Banker Hits Back Feb 21, 2009
He reiterated that RBZ would now concentrate on exchange control, interest rate management, among other functions that remained a preserve of the central bank. comments. (allAfrica.com)
Manuel beyond our means Feb 12, 2009
As for other surprises or issues that could be announced by the Finance Minister, Els says we are likely to learn more details on the revamped social security system, and there could possibly be more announcements on exchange controls. "What would truly be big surprises for us would be to see a very large budget deficit, big individual tax cuts, large company tax relief or significant exchange control relaxation," he concludes. (iAfrica.com)
Zimbabwe: President Robert Mugabe's Money Men Feb 8, 2009
His companies were investigated for tax and exchange control violations and he reportedly fled Zimbabwe in 2006, but on his return he was charged with using a South African passport, in contravention of citizenship laws that do not permit dual nationality. Bredenkamp was born in South Africa. (allAfrica.com)
