Latest news with #LCC
The Citizen
17 hours ago
- Business
- The Citizen
Loophole blocked: Sarb appeals ruling on crypto not being subject to exchange controls
Follows a high court ruling in May that exporting funds via cryptocurrencies does not violate exchange controls. The Reserve Bank says the court was wrong to find that cryptocurrency is not 'money' from an exchange control perspective. Picture: Shutterstock t took the South Africa Reserve Bank (Sarb) just two weeks to appeal a legal loophole that would allow unlimited funds to leave the country using cryptocurrencies. On Monday, it filed an appeal against a Pretoria High Court ruling that cryptocurrencies are not subject to South African exchange control regulations. The Sarb appeal has effectively shut off that legal loophole. The high court ruling in May followed a case brought by Standard Bank against the Sarb, the minister of finance, Nedbank and the liquidators of Leo Cash and Carry, in which the bank was attempting to recover funds it had lent to Leo Cash and Carry (LCC) before the company was placed in liquidation in 2022. LCC had come under scrutiny by Sarb's Financial Surveillance department (FinSurv) when it was discovered, among other things, that the company had shipped more than 4 400 bitcoin, then valued at about R556 million, to Seychelles-based crypto exchange Huobi Global. The Pretoria High Court said it would not be drawn into rewriting the law to include cryptocurrencies under the definition of 'capital' as part of exchange control regulations. Read more Crypto not subject to exchange controls – for now ALSO READ: Crypto not subject to exchange controls – for now In its appeal filed on Monday, the Sarb says the Pretoria High Court erred in finding that LCC had not contravened exchange control regulations, and had likewise erred in its ruling that cryptocurrency does not fall within the ambit of these regulations. This was despite the court finding that LCC was undeniably involved 'in a scheme, and/or used as a conduit to directly or indirectly export funds, foreign currency, and capital from the Republic'. The result of this was that LCC was able to export capital abroad. The Sarb goes on to argue that the court was wrong to find that cryptocurrency was not 'money' or 'foreign currency' from an exchange control perspective. It also takes issue with the court finding that cryptocurrency falls outside the ambit of 'capital' or the 'right to capital' as defined in the regulations. ALSO READ: Bitcoin hits record high, surpasses R2 million The Sarb says the court erred in failing to find that Regulation 22C was applicable in this case. Regulation 22C allows the Reserve Bank to block transactions where there is a reasonable suspicion of exchange control violations. Based on these errors, the court should have dismissed Standard Bank's application, it says. Standard Bank was successful in setting aside Finsurv's forfeiture of R16.4 million held by the bank prior to the LCC liquidation, but failed to recover an amount of R10 million paid by LCC to Nedbank in settlement of an overdraft facility. The appeal by Sarb gives some insight into possible changes in exchange control regulations that would specifically extend definitions of capital, the right to capital, money and foreign currency to cryptocurrencies. Harry Scherzer, CEO of Future Forex comments: 'It was relatively clear that the Reserve Bank made an error in the sense that it allows people to evade exchange control which basically makes the whole of exchange control redundant, because you can essentially take out as much money as you want as crypto and send it into dollars abroad, and I'm sure there are some people that did exactly that.' ALSO READ: Taxpayer battling with a crypto tax nightmare for months Scherzer says it was very clear that the Sarb got it wrong and needed to change things. 'The only thing that is surprising is the speed with which the Reserve Bank responded in appealing this, and that's a good thing. If SA wants to keep exchange control laws as all-encompassing, they can't have crypto as a means of sending funds out of the country without monitoring. 'We carried on as if this loophole was a mistake and didn't allow crypto to be used to send funds out of the country as we saw it would be something that would be corrected. So, we're back to the status quo [as far as exchange controls go],' Scherzer adds. This article was republished from Moneyweb. Read the original here.
Cision Canada
27-05-2025
- Business
- Cision Canada
T'way Air to Inaugurate Direct Seoul-Vancouver Service on July 12 Français
First Korean LCC to Fly Seoul-Vancouver as Asia-North America Demand Climbs VANCOUVER, BC, May 27, 2025 /CNW/ -- T'way Air, South Korea's leading low-cost carrier, will inaugurate its first North American destination with direct service between Seoul and Vancouver on July 12, 2025. Operating four times weekly – Tuesdays, Thursdays, Saturdays and Sundays – the new flights meet growing demand for affordable, long-haul travel across key Asia-Pacific and North American markets. The outbound flight departs Incheon International Airport at 9:05 p.m. KST and arrives at Vancouver International Airport at 3:25 p.m. PDT. The return flight leaves Vancouver at 5:25 p.m. PDT and lands in Seoul at 9:35 p.m. KST the following day. Tickets are now available on the T'way Air website. The new service marks a significant milestone in T'way Air's network expansion, joining its existing Asia-Pacific and European destinations. By directly linking Seoul with Canada's west coast, the airline offers both leisure and business travelers a seamless, cost-effective option. T'way Air will deploy its A330-300 aircraft, offering 12 flat-bed seats in Business Saver class with adjustable headrests, extra legroom, personal power outlets and individual reading lights. All passengers receive complimentary meals: two in Business Saver and one in Economy. Travelers bound for Korea can experience Seoul's fusion of history and modernity: explore Gyeongbokgung Palace, wander Insadong's traditional streets, hike Bukhansan's scenic trails, admire the futuristic curves of Dongdaemun Design Plaza, and shop the latest Korean beauty and fashion in Hongdae, Seongsu and Gangnam. "We are proud to launch our first North American destination, opening exciting opportunities for tourism, business and cultural exchange between Korea and Canada," said Hong-Geun Jeong, Chief Executive Officer of T'way Air. "We look forward to offering safe, reliable, and memorable journeys that bring our two countries closer together." T'way Air currently serves 50 destinations globally and plans to further expand its network. For more information, visit T'way Air Co., Ltd., headquartered in Daegu, South Korea, is a leading low-cost carrier (LCC) providing affordable and reliable air travel since 2010. T'way Air serves customers across East Asia, Southeast Asia, Central Asia, Oceania, and Europe with a modern fleet of Boeing 737-800s, 737 MAX 8s, and Airbus A330s. T'way Air continues to expand its global network, offering great value to passengers worldwide. For more information, please visit Media Contact Seoul (ICN) - Vancouver (YVR) Flight Schedule SOURCE T'way Air
The Citizen
27-05-2025
- Business
- The Citizen
Crypto not subject to exchange controls
High court rules that crypto is not 'capital' or 'currency' under exchange control regulations. An 'avalanche of cryptocurrency export' can now be expected … until a certain 'loophole' is closed. Picture: iStock Cryptocurrencies are not subject to South African exchange control regulations, according to a recent Pretoria High Court case brought by Standard Bank against the South African Reserve Bank (Sarb). Cryptocurrencies do not constitute 'capital' or 'currency' under SA's exchange control regulations. 'This means crypto assets are not subject to the country's strict exchange control regime, offering long-awaited clarity for the crypto industry,' says this analysis by law firm Baker McKenzie. 'While this judgment removes the need for Sarb approval to export crypto, the relief may be temporary, as future legislative amendments could reassert regulatory oversight. For now, the decision marks a significant shift in how digital assets are treated under South African financial law. 'This brings an end to a debate in the SA crypto asset industry as to whether cryptocurrencies require exchange control approval for their export out of South Africa. 'However, from experience on similar prior judgments on the Exchange Control Regulations, this reprieve may be short lived.' This judgment makes it clear that until the law is amended, cryptocurrency transfers outside SA are not covered by exchange control rules. 'The decision underscores the pressing need for legislative reform to provide clarity and certainty in this rapidly evolving area,' according to Desiree Reddy and Ntokozo Ngubane at Norton Rose Fulbright. ALSO READ: Bitcoin hits record high, surpasses R2 million Facts of the case Standard Bank was attempting to recover funds it had lent to Leo Cash and Carry (LCC) before it was liquidated in 2022. The bank extended a R40 million overdraft facility to LCC in January 2020 on certain conditions, one of them being that it move its banking business to Standard Bank and close its account with Nedbank. The company was also required to place R10 million as collateral in a money market call account. LCC started drawing down on the Standard Bank overdraft facility and immediately transferred R10 million to settle its overdraft with Nedbank. A few weeks later, Sarb's Financial Surveillance department (FinSurv) instructed Standard Bank to place a freeze on LCC's accounts due to suspected exchange control violations. FinSurv had been investigating a number of cryptocurrency transactions by individuals and entities linked to LCC. The cryptocurrencies, especially bitcoin (BTC), had been acquired on a local South African exchange and then transferred to foreign crypto exchanges. Standard Bank complied with the instruction and placed a hold on LCC's accounts. It later learned of a fraud perpetrated against it by several of its clients with links to LCC, and then launched a liquidation application against the company – which was granted in December 2021. In February 2023, the Sarb declared that two amounts of R16.4 million held by Standard Bank and R10 million deposited by LCC with Nedbank had been forfeited to the state for violations of exchange control regulations. It was this forfeiture that Standard Bank was attempting to have set aside. Standard Bank succeeded in having FinSurv's forfeiture of the R16.4 million set aside, but failed in its attempts to recover the R10 million from Nedbank. The court heard how, between September 2019 and March 2020, LCC sent more than 4 400 BTC, then valued at about R556 million, to Seychelles-based crypto exchange Huobi Global. ALSO READ: Are you making money with crypto assets? Sars is looking for you Ruling based on earlier case The court refused to be drawn into rewriting the law to include cryptocurrencies under the definition of 'capital' as part of exchange control regulations. It relied on a previous 2011 case, Oilwell v Protec International, where the Supreme Court of Appeal similarly refused Sarb's argument that intellectual property constituted 'capital' for exchange control purposes. Some 15 months after the Oilwell ruling, exchange control regulations were amended to include intellectual property. In light of the latest Standard bank ruling, the Sarb is expected to amend its regulations to include cryptocurrencies and close the loophole. But what happened after the Oilwell ruling in 2011 was an intellectual property export free-for-all – it 'was readily exported outside of South Africa without any fear of triggering any exchange control implications,' says Baker McKenzie. 'Standard Bank v Sarb will certainly hasten this amendment and reform. However, until then, if the experience from Oilwell holds true, an avalanche of cryptocurrency export is imminent.' This article was republished from Moneyweb. Read the original here.
The Hindu
26-05-2025
- Health
- The Hindu
T.N. doctors flag staffing, infrastructure gaps at new government hospitals
The Legal Coordination Committee for Government Doctors (LCC) has flagged critical shortages and operational gaps in key healthcare facilities in Tamil Nadu, warning that the absence of timely intervention could erode public trust in the State's healthcare infrastructure. LCC president S. Perumal Pillai, in a detailed appeal, raised concerns about serious understaffing and the lack of essential medical equipment at the National Center for Ageing in Guindy, which was inaugurated over 16 months ago. Of the 24 sanctioned posts in the geriatrics department, only 15 doctors are on duty. The hospital, which shows 56 nurses on its roster, actually functions with only 30 regular staff, many of whom are either on deputation from other government hospitals or working under temporary contracts. While the facility houses four fully constructed operation theatres, no surgeries have been performed in key departments such as ENT, orthopaedics, ophthalmology, and urology due to the absence of surgical equipment and anaesthesia services. Dental chairs too remain uninstalled, leaving that unit non-functional. The situation in Salem's Ammapettai Government Hospital is equally troubling, the LCC pointed out. Built at a cost of ₹42 crore, the 100-bed facility was launched to expand suburban healthcare access. However, no permanent doctors have been appointed so far, prompting the State to rely entirely on deputations from the Salem Government Medical College. Eight doctors and several nurses now divide their time between the institutions, putting pressure on both facilities. Surgeries and deliveries are being carried out with existing staff, but the LCC contended that long-term sustainability is uncertain without formal appointments. In Tirunelveli, the Ramasamy Memorial Government Hospital at Kandiapperi, constructed with Japanese aid at a total cost of ₹39 crore, faces a similar operational strain. Though outpatient footfall remains high, inpatient admissions are low due to public hesitation stemming from the lack of dedicated medical personnel. Currently, 25 doctors and 45 nurses are rotated in from Tirunelveli Medical College Hospital, leaving both institutions overburdened and raising concerns about the quality and consistency of care. The LCC has linked these systemic issues to broader concerns over government policy. While acknowledging the administration's efforts to expand healthcare access, the committee pointed to the absence of proper staffing, delayed salary payments, and the lack of permanent recruitment as undermining the intent behind these projects. With a protest march from Mettur to Chennai slated to begin on June 11, the LCC has demanded the immediate appointment of doctors and support staff in all these hospitals, adequate provision of essential medical equipment, and implementation of pay band four for government doctors within 12 years, as per Government Order 354.
Cision Canada
21-05-2025
- Business
- Cision Canada
Industry First: XGRIDS Debuts AI-Powered 3DGS Scan-to-BIM Plugin for Revit at Autodesk DevCon Europe 2025
End-to-end hardware + software solution cuts modeling time by 70-90%, maintains cm-level accuracy, and eliminates rework. AMSTERDAM, May 21, 2025 /CNW/ -- At Autodesk DevCon Europe 2025, XGRIDS today launched LCC for Revit, the AI-driven plugin integrating 3D Gaussian Splatting (3DGS) technology with Autodesk Revit. Developed in partnership with Autodesk, this innovation delivers scan-to-BIM automation that achieves 70% efficiency improvements while maintaining 3cm accuracy. LCC for Revit connects Revit with XGRIDS' LCC (Lixel CyberColor) models, which combine LiDAR and visual data captured by XGRIDS' Lixel mobile scanning devices. The Lixel solution replaces manual measurements with mobile scanning, then uses AI to detect and extract building elements from the photorealistic models created using the scan data. This cuts modeling time by automating the creation of walls, doors, and windows directly in Revit—transforming physical buildings into BIM models in a single coordinated workflow without requiring modelers to individually measure and recreate each element. "The construction industry needs tools that understand both the precision of scan data and the intelligence of BIM workflows," said Sunny Liao, Director of Global Business at XGRIDS. "LCC for Revit represents the practical convergence of spatial intelligence and design intent." Key capabilities: XGRIDS' proprietary spatial intelligence algorithms embed semantic data in LCC models, powering one-click Revit component creation while enabling teams to seamlessly transition through design, construction, monitoring, and delivery phases with photorealistic 3DGS visualization and parametric BIM modeling. The LCC for Revit plugin will be available on the Autodesk App Store by the end of May 2025, supporting Revit 2025 and later versions. About XGRIDS XGRIDS develops spatial intelligence solutions spanning capture hardware, 3D reconstruction software, and AI-driven integrations with industry-standard workflows. The company's innovations bridge physical and digital realities across construction, media, and emerging industries. Contact: Xiangxiang Li
