Introduction
The concept of a company's character and legal identity
being separate and independent from its members and shareholders,
and having its own set of legal rights and obligations, was
propounded in the celebrated English case of Salomon v A
Salomon & Co Ltd.1 The essence of separate
corporate personality of a company forms one of the fundamentals of
company law and the bedrock of all commercial and business
arrangements. Notably, a corporate veil is a metaphoric veil, which
separates the company from its members, while preventing
transmission of any liability on either side.
However, given the complexity of commercial transactions today
and ensuing illegalities, an exception to the rule and principle of
the company as a separate legal entity has developed. The doctrine
of "lifting / piercing the corporate veil"
disregards the separate legal personality of the company and
attributes the acts of the company to those directly exercising
real control over
