Benami transaction and beneficial ownership: documentary and circumstantial evidence show payors were true beneficiaries, resulting in PBPTA consequen...
Denial of Preferential Treatment under SAFTA overturned where unchallenged Country of Origin certificate warranted exemption under Notification benefi...
Continuing offence of money-laundering: discharge set aside and proceedings reinstated where laundering continued after inclusion of predicate offence...
The dominant issue was whether the auction purchase funded through a purported loan constituted a benami transaction under the 1988 Act. The Tribunal held that routing consideration through banking channels did not rebut benami character where neither the purchasers nor the lender had demonstrated creditworthiness, and the lender's capacity to advance the huge loan was unsupported by its turnover and partners' knowledge. With no pleaded or proved legitimate source of funds, the consideration and beneficial ownership were treated as unknown, attracting s. 2(9)(D), to which the exception under s. 2(9)(A) was held inapplicable. Consequently, the provisional attachment was upheld and the appeals were dismissed. - AT
The dominant issue was whether the auction purchase funded through a purported loan constituted a benami transaction under the 1988 Act. The Tribunal held that routing consideration through banking channels did not rebut benami character where neither the purchasers nor the lender had demonstrated creditworthiness, and the lender's capacity to advance the huge loan was unsupported by its turnover and partners' knowledge. With no pleaded or proved legitimate source of funds, the consideration and beneficial ownership were treated as unknown, attracting s. 2(9)(D), to which the exception under s. 2(9)(A) was held inapplicable. Consequently, the provisional attachment was upheld and the appeals were dismissed. - AT
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