That's what I do, or at least that's what I say when people ask me what I do. And I am not alone in doing this, it's been going on for years. Jeremy Taylor wrote a funny little ditty that he performed in Wait a Minim in the early 60s. He jokes about whites tanning and blacks using skin lightening creams (a practice that has thank goodness disappeared).
And then there is the old Rolling Stones' song Paint it Black. I have posted a rather twisted version by Guy Mann-Dude who recorded a few albums in the nineties. Guy is a mutual Patto admirer and he and I have been chatting up a storm on Facebook. There is a lot more to Guy than this track but you'd have to ask him to send you his really interesting stuff.
It is becoming more difficult to read the official word on transformation. Zumachine Gun doesn't say anything ever, which is of course his wont. jungle has a very clear idea of transformation, or is it that clear. A black woman is elected president of BUSA and the BMF describes it as a blow for transformation. Then realising that they are now without doubt the biggest idiots on the political and business landscape, they retract it. This has earned jungle the coveted accolade of the Sunday Times' mampara of the week. It makes me wonder when Manyi is going to be Malema'd.
Anyway I found a blog post written by Lebogang Mokwena, formerly of KIO Advisory Services - that company that found that transformation in the mining sector was sorely lacking. It actually is very well written - full of delightfully archaic terminology like "eventuality" (as used so brilliantly by George Harrison in the grotty scene in a Hard days night)
She argues that if mining companies don't comply with the legislation the DME could invoke section 47 of the Mineral and Petroleum Resources Development Act (MPRDA)
The Minister may cancel or suspend any reconnaissance permission, prospecting right, mining right, mining permit or retention permit if the holder thereof a) is conducting any reconnaissance, prospecting or mining operation in contravention of this act b) breaches any material term or condition of such right, permit or permission c) is contravening the approved environmental management programme or d) has submitted inaccurate, incorrect or misleading information in connection with any matter required to be submitted under this act
After mentioning the undiscovered economic consequences of cancelling a licence because of non-compliance with the mining charter she suggests that
Revoking the mining rights of companies that have failed to meet the targets of the Mining Charter would not only represent a decisive act of leadership, but it would also affirm the government’s commitment to accelerating transformation.
Holy cow - this is jungle speak!!! jungle would close down a company that employed 50,000 people tomorrow because they are definitely racist and have not complied with employment equity legislation (I should state that the first observation is a given in jungleland - even if they do comply with the EE Act).
Can't say much more than that - but if this had to happen it wouldn't be favourably viewed by many people, both local and international.
I was at a meeting with a company who wanted to know what happens when the shareholders vest their shares. After about half an hour I figured they were talking about cashing out. I like cashing out - it generally means you are going to make some money. Companies who have done BEE deals don't like it. Why - because our esteemed government is so obsessed about ownership and not about value created from the shareholding. Companies need to try and retain their black shareholding or suffer the consequences - which generally amounts to wild accusations of lack of transformation and racism et al (you might be able to figure out that I do not hold the ruling party or its corresponding government in high regard).
Take a look at ABSA. Theirs was one of the first BEE deals that vested - certainly the first of the big 4. Their ownership score dropped from 14 points to 9 in a year. And this is a problem for them. FNB on the other hand is not going to have this problem in a while. TimesLIVE reported
Though the term of the initial third-party funding was five years, maturing in 2010, it was always envisaged that [the trust] would, subject to it being commercially feasible, refinance the third-party funding in 2010 for a further five years, since the BEE transaction contemplated a 10-year term, maturing in 2014
Mzwandile Jacks of Business Report phoned me yesterday and asked me what I thought. He didn't publish my whole diatribe, so I thought I'd add in the bits he missed.
FNB's deal was underwater and they very cleverly went off and and refinanced their deal for another four years - their ownership score of 16 points is likely to be safe.
A smart move that should be emulated across the board.
And on the subject of racial obsession I have posted a lovely little duo by Margaret Singana and Rabbitt - a cover of a Freedom's Children song called Tribal Fence.