Over The past Two Decades, Three Matters Involving Litigation remain relevant for [Praxley]
NATCO SA International Transporters CEO Receives Lesson in Corporate Governance
In September 2015, a well known judge, Percy Bliden, made an arbitration award in favour of Praxley ordering that:
- NATCO SA International Transporters (Pty) Limited ("NATCO") must reinstate Praxley's CEO as a Director following the unlawful removal of Mr Els as a Director of NATCO.
- Patrick Durig (NATCO's CEO) and his fellow Directors pay all legal costs including the cost of the Arbitrator.
When a Director is appointed to the Board of an Investee Company by a Shareholder which is a Private Equity Company (i.e. Praxley), the Shareholders of the Investee Company may not rely on the provisions of Section 71(1) of the Companies Act 71 of 2008 and remove that Director by way of an ordinary resolution (51% majority). It is only the Private Equity Company (i.e. Praxley) that can remove its duly appointed Director.
Broll Auctions and Sales CEO Receives Lesson in how Capital Rasing Transactions are Negotiated in South Africa.
- In July 2017, Broll Auctions and Sales (Pty) Ltd (“Broll”) had all Allegations of Fraud and Misrepresentation against Praxley CEO dismissed with costs with the court ruling that:
- “It does not require a stretch of the imagination to believe that Businessman and Banker (like Praxley) with years of experience and contacts would negotiate transactions behind closed doors far removed from the normal drudgery and procedures required of less connected counterparts”
- “It is clear that Mr. Els had connections, experience and expertise”
- Broll was ordered to pay Praxley’s costs.
- Not all Clients will understand the Workings of Financial Markets, the ability of some to Leverage Relationships and how decisions are ultimately made in Financial Markets.
- There will always be those who will make false unsubstantiated claims believing that the Courts and Criminal Justice System will assist them in furthering their false beliefs and self-serving narrative.
- Courts will always be the ultimate arbiter between reason and any false narrative.
Praxley Receives Lesson in the Payment of Legal Cost. “The Praxley Judgment”
- In 2017, three (3) highly regarded South African Judges in the form of WHG Van Der Linde, WL Wepener and DSS Moshidi handed down a landmark judgement against Praxley which has set a legal precedent in South Africa regrading the payment of legal fees. Essentially, the “Praxley Judgement” states the following:
“After payment of legal fees without protest and where the client has voluntarily paid, a client may not have an invoice for legal fees Taxed by the Taxing Master”.
Praxley took this interesting matter on appeal as it was clear that this case would make law in South Africa and it was in an aspect of South African law that had to be clarified.
- Once any Client has paid an Attorney’s Invoice, the ability to have that Invoice Taxed by the Taxing Master is lost.
- For a relatively small sum, Praxley set Legal Precedent in South Africa and had its Brand etched in the Law Reports for generations.