Capital Equipment News January 2017
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.
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
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