The Broad-Based Black Economic Empowerment (BBBEE) Commission is investigating a number of companies and entities for allegedly violating the BBBEE Act. Major names among those under investigation include Netcare, Nokia, MTN, Eskom and the South African Social Security Agency (Sassa). Also to be investigated are six verification agencies. The suspected violations relate to BBBEE ownership structures and noncompliance with the codes of good practice for the verification process. The investigation into MTN is aimed at determining whether its Zakhele and Zakhele Futhi BBBEE schemes meet the requirements for black ownership in terms of the codes of good practice and comply with the act. Nokia Solutions and Networks SA is to be investigated to determine whether the BBBEE ownership transaction involving its employee trust and Sekunjalo Investment resulting in 26% black ownership and the subsequent change in black ownership, which resulted in 31.28% black ownership by Sekunjalo, complied w...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.