Acts Online
GT Shield

Companies Act, 2008 (Act No. 71 of 2008)

Chapter 7 : Remedies and Enforcement

Part D : Complaints to Commission or Panel

175. 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.