The Department of Trade and Industry recently issued an unexpected "clarification notice" that had the business sector up in arms.
If the changes took effect broad-based empowerment and employee ownership schemes would’ve counted less than individual share ownership.
These changes would’ve meant that empowerment programs meant to benefit many end up going to a few black industrialists.
Now, it seems, the DTI has withdrawn these changes to BEE.
We interviewed Takalani Tambani, Acting Chief Director of the DTI’s BEE Unit and Tony Balshaw, Partner in charge of BEE at Mazars.
Listen to the audio (scroll down) for more detail.
The status quo remains. Businesses can still use the old framework from before the clarification notice.— Takalani Tambani, Acting Chief Director of the DTI’s BEE Unit
The DTI has done untold damage and, to Government’s credit, they've retracted it completely completely.— Tony Balshaw, Partner in charge of BEE at Mazars