Interfront 2023 Annual Report

International Frontier Technologies SOC Ltd Trading as Interfront Financial Statements for the year ended 31 March 2023 128 INTERFRONT ANNUAL REPORT 2023 Notes to the Financial Statements  Other matters 1. The pending arbitration between the liquidators of Tatis International Proprietary Limited (in liquidation) and International Frontier Technologies SOC Limited (“Interfront”) and all disputes between the parties in relation to the Sale Agreement and/ or the Marketing Agreement entered into between them were settled on the basis that Tatis International (1) withdrew any and all allegations in respect of Interfront’s alleged breach of the Sale Agreement and/or Marketing Agreement, (2) withdrew any claim for any alleged damages, and (3) unconditionally and irrevocably waived and abandoned any rights to any royalties and/or licence fees as may be or become payable by Interfront in terms of the Interim Agreement and/or the Marketing Agreement and/or the Sale Agreement, on the basis that each party pays its own legal costs pursuant to the disputes and pending arbitration. The terms of the settlement were recorded in a written Settlement Agreement executed between the parties on or about 29 August 2022. 2. During the year under review, Interfront entered into the following agreements under section 197 of the Labour Relations Act No. 66 of 1995. •  41 employees transferred from Shandon Business Solutions (Pty) Ltd to Interfront effective 1 April 2022. A finders fee of R5.6 million was paid by Interfront. •  14 employees transferred from Ionize Technology (Pty) Ltd to Interfront effective 1 January 2023. The above agreements enable SARS, through its subsidiary Interfront, to ensure the continued development and support of taxation applications, by reducing the risk of reliance on external service providers.