Too much uncertainty over national security interests relating to foreign firms, Law Society says
The Law Society of SA (LSSA) has acknowledged the need for the government to proactively engage on national security issues regarding acquisitions of local companies by foreign firms; however, it has urged more thought and public engagement on the proposal for this in the Competition Amendment Bill. The Law Society has suggested that this proposed amendment be dealt with at a later stage, after the government has had time to "adequately and comprehensively" outline its approach to national security. The bill proposes that a special committee be established by the President that comprises cabinet ministers and public officials, who will consider acquisitions by foreign firms taking into account national security issues.
This will be in addition to notification of the acquisition or merger to the Competition Commission. "As it stands there is too much uncertainty regarding what constitutes national security interests and how the provision will be implemented," Law Society repres...
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