Major names in BEE investigation
Commission sets sights on Netcare, Nokia, MTN, Eskom and Sassa over alleged noncompliance with the act
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...
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