On 27 November 1998 the Cape of Good Hope Provincial Division of the High Court of South Africa granted an order in favour of the South African Revenue Service in terms of which Sanlam was prohibited until 3 December 1998 from dealing with any free shares awarded to persons who:
The matter was again heard in the court on 3 December 1998 and the court has now extended the prohibition until 24 February 1999.
The court has also ruled that an appropriate notice in this regard be published in both the Sunday Times and the Rapport newspapers. This will be done without delay.
SARS is also in the process of forwarding a notice to each of those taxpayers who are affected by the court order.
An appeal is, therefore, made to these taxpayers to pay the outstanding taxes or to make acceptable arrangements with their local Receiver of Revenue for the payment of such taxes so that the shares can be released.
ISSUED BY THE COMMISSIONER FOR THE SOUTH AFRICAN REVENUE SERVICE