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CIPC to be paid R1million for an administrative fine

19 October 2021
South African Accounting Academy

The core issue of this case is that the Audited Annual Financial Statements of JCI Ltd for the period 2011 – 2017, were not compiled as per the requirements of Section 30 of the Companies Act, No. 71 of 2008, as amended, read with the International Financial Reporting Standards (IFRS).

Section 30(1) requires that each year, a company must prepare annual financial statements within six months after the end of its financial year and Section 30(2) read with Regulation 27(4) which relates to IFRS requires that the annual financial statements must be audited in the case of a public company.

CIPC issued a Compliance Notice to the board of directors of JCI Ltd requiring the company to produce IFRS compliant financial statements.

JCI Ltd conceded that it was unable to prepare financial statements fully compliant with IFRS in respect of the various periods specified in the Compliance Notice.

The settlement agreement, a first in terms of section 173 read with section 175 of the Companies Act, was made an order of court and inter-alia required: JCI Ltd to make a payment to the CIPC of an administrative fine of R1,000,000 (one million rand) for the non-compliance of the Compliance Notice and for JCI to convene a shareholders meeting to adopt a special resolution for the voluntary winding up of JCI Ltd.

Click here to download the Media Statement:

http://www.cipc.co.za/index.php/download_file/view/82721/158/

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