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JSER 201607290042A
GEN - General - CIPC Secures criminal conviction for non compliance with compliance notice
CIPC SECURES CRIMINAL CONVICTION FOR NON COMPLIANCE WITH COMPLIANCE NOTICE
29.07.2016
Quantum Property Group Limited (“Quantum Property”) represented by Mr Peter Martin
Shaff, was convicted of contraventions under Section 214 (3), read with the provisions of
Section 171 (7) and Section 216 (b) of the Companies Act No. 71 of 2008 (as amended)
(“Act”) in the Specialised Commercial Crime Court in Bellville, Cape Town on 21 July 2016.
In terms of Section 276(1) (f) of Criminal Procedure Act No. 51 of 1977 (as amended), the
company is sentenced to pay a fine of R40 000-00 of which R15 000-00 is wholly
suspended for 5 years in terms of Section 297(1) (b) of Act 51 of 1977.
On 20 January 2014, the Companies and Intellectual Property Commission (“CIPC”),
issued a compliance notice to Mr Gary Shaff, a director of Quantum Property.
In terms of the Act, the CIPC may issue Compliance Notices to any person whom the
CIPC, on reasonable grounds, believes has contravened the Act. Non compliance with this
notice may result in an administrative fine or referral to the National Prosecuting Authority
for prosecution as an offence.
CIPC received a complaint by a shareholder of Quantum Property alleging that the
company had not called an annual general meeting for its shareholders nor produced
annual financial statements for the 2012 financial year, thus contravening Sections 30 and
61 of the Act.
The CIPC appointed Inspectors to investigate the complaint and a Compliance Notice was
issued to Mr. Gary Shaff and Quantum Property as a result of the investigation. The
Compliance Notice required Mr Shaff to respond within 40 business days from the date of
the Notice with regard to the following:
1. Submitting all the required annual financial statements ON THE BASIS REQUIRED BY
Section 30 of the Act for the financial year 2012 to his registered auditor(s).
2. Submitting a statement signed by the registered auditor on his/her letterhead as proof
that s/he received ALL the required annual financial statements, to the CIPC.
3. Convening an annual general meeting ON THE BASIS REQUIRED BY Section 61(7)
of the Act for the financial year 2012.
4. Submitting as proof to the CIPC:
I. the Notice of the Annual General Meeting with all the required attachments as per
Section 61(8) of the Act;
II. the list of the shareholders to whom it was sent to;
III. a certified copy of the Memorandum of Incorporation outlining the required quorum
for the meeting;
IV. a certified copy of the attendance list;
V. signed minutes of the preceding AGM; and
VI. draft minutes of the annual general meeting for the financial year 2012.
Mr. Shaff and Quantum Property failed to comply with the issued Compliance Notice. In
terms of Section 171(7) (b) of the Act, the CIPC referred the matter to the National
Prosecuting Authority for prosecution as an offence in terms of Section 214(3) of the Act.
Ends
Issued by : CIPC
Contact : Lana Van Zyl
Mobile : 0827737625
Email : Lvanzyl@cipc.co.za
Date: 29/07/2016 03:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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