BEE trusts win the day as Patel issues notice in their favour
The minister gazetted confirmation that they qualify to be scored as genuine black ownership
19 May 2021 - 17:54
Minister of trade, industry and competition Ebrahim Patel has put to rest a long-running dispute on the BEE status of broad-based schemes and trusts, gazetting a notice on Tuesday to confirm that they qualify to be scored as genuine black ownership.
The notice brings to an end the difference of opinion between Patel and his BEE Commissioner, Zodwa Ntuli, who, since 2019, has argued that investments made by collective schemes could not qualify for ownership points on the BEE scorecard as the shares they bought were collectively owned and did not vest in individuals, to whom dividends flowed...
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