LML4807
Assignment 1 Semester 1 2025
Unique Number:
Due Date: March 2025
QUESTION 1 (3 ANSWERS PROVIDED)
JOINT STOCK CO VARVARINSKOYE v ABSA BANK LTD AND OTHERS 2008 (4) SA
287 (SCA)
Facts of the Case
Joint Stock Company Varvarinskoye (the appellant), a Kazakh entity, funded the
construction of a gold-and-copper mine in Kazakhstan. Metallurgical Design &
Management (Pty) Ltd (MDM) was appointed as the main contractor under a written
agreement. In terms of clause 14.4 of the contract, the appellant deposited funds into Absa
account 1313, nominally held by a related entity (the sixth respondent), solely to pay MDM
and its subcontractors. Absa later set off R28 million from that account to cover the sixth
respondent‘s overdraft obligations. The appellant alleged that neither the sixth respondent
nor MDM was entitled to those funds.1
1.
DISCLAIMER & TERMS OF USE
Educational Aid: These study notes are intended to be used as educational resources and should not be seen as a
replacement for individual research, critical analysis, or professional consultation. Students are encouraged to perform
their own research and seek advice from their instructors or academic advisors for specific assignment guidelines.
Personal Responsibility: While every effort has been made to ensure the accuracy and reliability of the information in
these study notes, the seller does not guarantee the completeness or correctness of all content. The buyer is
responsible for verifying the accuracy of the information and exercising their own judgment when applying it to their
assignments.
Academic Integrity: It is essential for students to maintain academic integrity and follow their institution's policies
regarding plagiarism, citation, and referencing. These study notes should be used as learning tools and sources of
inspiration. Any direct reproduction of the content without proper citation and acknowledgment may be considered
academic misconduct.
Limited Liability: The seller shall not be liable for any direct or indirect damages, losses, or consequences arising from
the use of these notes. This includes, but is not limited to, poor academic performance, penalties, or any other negative
consequences resulting from the application or misuse of the information provided.
Assignment 1 Semester 1 2025
Unique Number:
Due Date: March 2025
QUESTION 1 (3 ANSWERS PROVIDED)
JOINT STOCK CO VARVARINSKOYE v ABSA BANK LTD AND OTHERS 2008 (4) SA
287 (SCA)
Facts of the Case
Joint Stock Company Varvarinskoye (the appellant), a Kazakh entity, funded the
construction of a gold-and-copper mine in Kazakhstan. Metallurgical Design &
Management (Pty) Ltd (MDM) was appointed as the main contractor under a written
agreement. In terms of clause 14.4 of the contract, the appellant deposited funds into Absa
account 1313, nominally held by a related entity (the sixth respondent), solely to pay MDM
and its subcontractors. Absa later set off R28 million from that account to cover the sixth
respondent‘s overdraft obligations. The appellant alleged that neither the sixth respondent
nor MDM was entitled to those funds.1
1.
DISCLAIMER & TERMS OF USE
Educational Aid: These study notes are intended to be used as educational resources and should not be seen as a
replacement for individual research, critical analysis, or professional consultation. Students are encouraged to perform
their own research and seek advice from their instructors or academic advisors for specific assignment guidelines.
Personal Responsibility: While every effort has been made to ensure the accuracy and reliability of the information in
these study notes, the seller does not guarantee the completeness or correctness of all content. The buyer is
responsible for verifying the accuracy of the information and exercising their own judgment when applying it to their
assignments.
Academic Integrity: It is essential for students to maintain academic integrity and follow their institution's policies
regarding plagiarism, citation, and referencing. These study notes should be used as learning tools and sources of
inspiration. Any direct reproduction of the content without proper citation and acknowledgment may be considered
academic misconduct.
Limited Liability: The seller shall not be liable for any direct or indirect damages, losses, or consequences arising from
the use of these notes. This includes, but is not limited to, poor academic performance, penalties, or any other negative
consequences resulting from the application or misuse of the information provided.
