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BUSINESS

SAMAR to be agreed across the industry. At present, three of the

four “big” banks have since issued SAMAR with letters of recognition

as the authorised registry of movable assets, while some of the

prominent equipment dealers have already loaded hundreds of their

assets on the system. Dutton tells

Capital Equipment News

that the

system is currently under testing and will go live in February 2017.

Better control

Dutton says the idea behind SAMAR is to allow for better control

of title and ownership of movable assets, which in turn offers

better control over these assets. It also provides for improved risk

management of movable assets through registration and verification

of all critical information related to the identifiers of movable assets,

on a common framework. Registration of an asset on SAMAR will

be billed at a cost of R80 per asset, per registration or transfer of

ownership. Dutton believes the cost is very favourable to the industry

and is substantially less than eNaTIS transactions.

Three financing institutions have already loaded some of their

assets on SAMAR during this trial phase. As soon as the system

goes live in February, these institutions will start compelling all their

customers financing their equipment needs through them to register

the asset before they can conclude the purchase.

In an ideal world, the products financed by the banks would already

be on the SAMAR registry as manufacturers and equipment importers

have been invited to load their assets as soon as they enter the

country or roll off the production line. About 7 000 assets are already

on register across various banks’ titles and people’s ownerships. Of

the 7 000, about 5 000 are Volvo pieces of equipment, a gesture that

demonstrates the immediate buy-in from manufacturers and local

yellow metal equipment dealers. When the asset is sold, registration

into the ownership of the buyer takes place for an R80 fee. If the

asset is being financed, the title will reside with the bank or the

About 7 000 assets are already on the

SARMA register across various banks’

titles and people’s ownerships.

Kyle Dutton of SAMAR

says the idea behind

SAMAR is to allow for

better control of title and

ownership of movable

assets.

CAPITAL EQUIPMENT NEWS

JANUARY 2017

23