Ebrahim Patel says broad BEE trusts are genuine
Minister strongly supports broad-based ownership schemes including ownership by trusts
Trade, industry & competition minister Ebrahim Patel has come out strongly in support of broad-based ownership schemes including ownership by trusts, which he says are genuine BEE and must be recognised as such.
Patel’s statement, made on Friday at the launch of an expanded worker ownership scheme by Coca-Cola Beverages SA (CCBSA), signals a resolution to the longstanding conflict with BEE commissioner Zodwa Ntuli, who has declared that many broad-based schemes are BEE fronts, which do not qualify as genuine black ownership...
It's locked but you get the picture. Old Slaptjips has told the awesome what she can do with her odd notions. I wrote about the commissioner's onoselness here.
I can't find the full statement, this is where he was when he said it. He's right, this is new territory and I applaud CCBSA for doing it. There will be many to follow I am sure.
Does the awesome commissioner read the Business Day - or is she going to do nothing other than block the deals that she has blocked this far?
Well done Ebrahim (for now). Provides some certainty, even if it is somewhat obiter