Criminal Liability of Corporate Management under OHADA and English Law: A Legal Perspective

Abstract

The current trend of corporate governance standard depicts that as multinational corporations are investing in foreign and national markets, memberstates are also seeking to boost their economic growth through these investments. However, there arises a need to safeguard against any corporate irresponsibility or management abuses whose far reaching effects may greatly affect the wellbeing of the corporation and by implication, the economic prosperity of a nation. In this direction, a glimpse at OHADA and English law provisions pertaining to criminal liabilities of corporate management is indispensable. In this light, the paper highlight the relevance for the harmonization of business law in Africa and the legislative efforts of OHADA and the English judges in incriminating corporate entities, agents and management in other to protect creditors, investors, shareholders and third parties and the like. This paper also seek to examine those acts and omissions which constitute criminal liabilities as well as corresponding sanctions under English and OHADA corporate Law. In order to attain the above objectives, analytical and doctrinal research methods have been adopted. Our findings revealed among others that the implementation of regulatory provisions of English and OHADA Corporate law on criminal liabilities among memberstates is marred with challenges. It is therefore, recommended that OHADA memberstates should improve and integrate the linguistic diversity of memberstates especially billingual (French and English) countries such as Cameroon to guaranteed effective harmonization and enhance economic growth. Certainly, this will go a long way to ensure smooth functioning of corporate governance as an effective tool for economic growth and sustainable development.