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Company Law – s 218(2) of the Companies Act 71 of 2008 – claim by shareholders of company against directors and auditors for damages related to diminution in value of shares – directors alleged to have acted in bad faith, for ulterior purposes and without the requisite degree of care, skill and diligence, in breach of
provisions of the Act – company, rather than shareholders, proper plaintiff in respectof claim against directors – essentially a claim for reflective loss – claim against auditors based on alleged negligence in the manner in which they conducted an audit of the company, in breach of their legal duty – proper plaintiff the company – claim for
pure economic loss – wrongfulness requirement not met – exceptions rightly upheld by court below – appeal dismissed.
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Cited documents 22
Judgment 19
- AB Ventures Ltd v Siemens Ltd (294/2010) [2011] ZASCA 58 (31 March 2011)
- Axiam Holdings Ltd v Deloitte & Touche (303/2004) [2005] ZASCA 61 (1 June 2005)
- Cape Empowerment Trust Ltd v Fisher Hoffman Sithole (200/2011) [2013] ZASCA 16 (20 March 2013)
- Country Cloud Trading CC v MEC, Department of Infrastructure Development, Gauteng [2014] ZACC 28 (3 October 2014)
- Delphisure Group Insurance Brokers Cape (Pty) Ltd v Kotze and Others (437/2009) [2010] ZASCA 85 (31 May 2010)
- Department of Land Affairs and Others v Goedgelegen Tropical Fruits (Pty) Ltd [2007] ZACC 12 (6 June 2007)
- Fourway Haulage SA (Pty) Ltd v SA National Roads Agency Ltd (653/2007) [2008] ZASCA 134 (26 November 2008)
- Gihwala and Others v Grancy Property Ltd and Others (20760/2014) [2016] ZASCA 35 (24 March 2016)
- H v Fetal Assessment Centre [2014] ZACC 34 (11 December 2014)
- Home Talk Developments (Pty) Ltd and Others v Ekurhuleni Metropolitan Municipality (225 of 2016) [2017] ZASCA 77 (2 June 2017)
- Itzikowitz v Absa Bank Ltd (20729/2014) [2016] ZASCA 43 (31 March 2016)
- KMSA v Moss and Another (24939/15) [2018] ZAGPPHC 676 (23 March 2018)
- Ngqukumba v Minister of Safety and Security and Others [2014] ZACC 14 (15 May 2014)
- Off-Beat Holiday Club and Another v Sanbonani Holiday Spa Share Block Limited and Others (20231/2014) [2016] ZASCA 62 (25 April 2016)
- Pretorius and Another v Transport Pension Fund and Another [2018] ZACC 10 (25 April 2018)
- South African Hang and Paragliding Association and Another v Bewick (1010/2013) [2015] ZASCA 34 (25 March 2015)
- Telematrix (Pty) Ltd v Advertising Standards Authority SA (459/2004) [2005] ZASCA 73 (9 September 2005)
- Trustees for the time being of Children's Resource Centre Trust and Others v Pioneer Food (Pty) Ltd and Others (50/2012) [2012] ZASCA 182 (29 November 2012)
- Trustees for time being of Two Oceans Aquarium Trust v Kantey & Templer (Pty) Ltd (545/2004) [2005] ZASCA 109 (25 November 2005)
Legislation 3
Documents citing this one 7
Judgment 7
- Joubert v Kramer Weihmann Incorporated; In Re: Kramer Weihmann Incorporated v Joubert and Others (3645/2022) [2023] ZAFSHC 109 (13 June 2023)
- Land and Agricultural Development Bank of South Africa v Lazercor Eight (Pty) Ltd and Others (15688/2020) [2024] ZAWCHC 58 (24 April 2024)
- Parry v Dunn-Blatch and Others (394/2022) [2024] ZASCA 19 (28 February 2024)
- Pepkor Holdings Ltd and Others v AJVH Holdings (Pty) Ltd and Others; and Steinhoff International Holdings NV and Another v AJVH Holdings (205/2020; 217/2020) [2020] ZASCA 134 (21 October 2020)
- Pinnacle Micro Proprietary Limited v Govender & Pinnacle Micro Proprietary Limited v K2K Information Systems Proprietary Limited (D12090/2022; D12091/2022) [2024] ZAECELLC 19 (14 May 2024)
- Venator Africa (Pty) Limited v Bekker and Another (8800/2021P) [2022] ZAKZPHC 50 (16 September 2022)
- Venator Africa (Pty) Ltd v Watts and Others (053/2023) [2024] ZASCA 60 (24 April 2024)