, LML4807 Assignment 1 (COMPLETE ANSWERS)
Semester 1 2025 - DUE March 2025; 100%
TRUSTED Complete, trusted solutions and
explanations
MULTIPLE CHIOICE,ASSURED EXCELLENCE
Briefly discuss the following prescribed case: Joint Stock Co
Varvarinskoye v Absa Bank Ltd and Others 2008 (4) SA (SCA)
lml4801 The allocation of marks for the discussion is as follows:
1. Facts of the case (3) 2. Issue before the court (1) 3. The
decision of the court (3) 4. A critical comment on the decision
(3). lml4802 lml4803 lml4804 lml4805 lml4806
1. Facts of the Case (3 marks):
Joint Stock Company Varvarinskoye (the appellant), a mining
company based in Kazakhstan, was developing the
Varvarinskoye Project (VP) and engaged Metallurgical Design &
Management (Pty) Ltd (MDM) as the lead contractor. To
facilitate payments to MDM and its subcontractors, the
appellant deposited funds into MDM's account (account 1313)
at Absa Bank Limited (the first respondent). Absa Bank was
aware that these funds were specifically designated for the VP.
On December 10, 2005, Absa appropriated R28,244,780.59
from account 1313 to offset debts owed to it by MDM. The
appellant contended that these funds belonged to it and were
intended solely for the VP, not to settle MDM's debts.
Law Library
Semester 1 2025 - DUE March 2025; 100%
TRUSTED Complete, trusted solutions and
explanations
MULTIPLE CHIOICE,ASSURED EXCELLENCE
Briefly discuss the following prescribed case: Joint Stock Co
Varvarinskoye v Absa Bank Ltd and Others 2008 (4) SA (SCA)
lml4801 The allocation of marks for the discussion is as follows:
1. Facts of the case (3) 2. Issue before the court (1) 3. The
decision of the court (3) 4. A critical comment on the decision
(3). lml4802 lml4803 lml4804 lml4805 lml4806
1. Facts of the Case (3 marks):
Joint Stock Company Varvarinskoye (the appellant), a mining
company based in Kazakhstan, was developing the
Varvarinskoye Project (VP) and engaged Metallurgical Design &
Management (Pty) Ltd (MDM) as the lead contractor. To
facilitate payments to MDM and its subcontractors, the
appellant deposited funds into MDM's account (account 1313)
at Absa Bank Limited (the first respondent). Absa Bank was
aware that these funds were specifically designated for the VP.
On December 10, 2005, Absa appropriated R28,244,780.59
from account 1313 to offset debts owed to it by MDM. The
appellant contended that these funds belonged to it and were
intended solely for the VP, not to settle MDM's debts.
Law Library
