Parliamentary committee pushes on with competition bill despite opposition objections
The DA objects to various proposals, particularly on a clause giving too much power to the economic development minister
Parliament’s economic development committee has adopted amendments to the controversial Competition Amendment Bill, despite strong objections by the main opposition and legal analysts. The DA objected to various proposals, particularly on the minister's role on regulations, saying the clause would give too much power to the economic development minister. Stakeholders have also criticised aspects of the proposed legislation, arguing that they may deter foreign investment. Jean Meijer, a partner at international law firm Herbert Smith Freehills, said previously the bill would give the government the right to block foreign investment.
"Section 18A is titled ‘intervention in merger proceedings involving foreign acquiring firm’. In broad terms, the section establishes a framework within which a committee appointed by the president [comprising cabinet members and other public officials] is given the power to decide whether or not a proposed transaction may proceed if it involves an...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.