Tag: BBBEE Commission

The Broad-Based Black Economic Empowerment (B-BBEE) Commission’s latest report on empowerment trends shows a decrease in overall black ownership, as well as in black women ownership. The B-BBEE Commission has released its annual trends report for the 2021 calendar year.

With the right investments by state finance institutions supported by private investors, SA could achieve more meaningful and scalable impact. In a recent interview I was asked what my view is on economic transformation within the context of empowerment financing or investment in Broad-Based Black Economic Empowerment (B-BBEE) transactions and companies.

The B-BBEE commission sent an unflinching message to entities attempting to circumvent their transformation responsibilities: there is zero tolerance for entities involved in fronting and/or misrepresentation of their Broad-based Black Economic Empowerment (B-BBEE) status and such activities will lead to criminal investigation and prosecution.

We have noted the ruling by the Supreme Court of Appeal (SCA) that declared the PPPFA Regulations of 2017 invalid and confirm that the ruling has no effect on the B-BBEE Act, as amended, and its requirements. The B-BBEE Act permits organs of state or public entities to set B-BBEE qualification criteria for procurement and other economic activities and to exceed the criteria set in the Codes of Good Practice through section 9 (6) of the B-BBEE Act.

The B-BBEE Commission announced in January 2018 that it made findings against a verification agency, SAB&T BEE Services (Pty) Ltd. It recommended remedial steps, including the issuing of a public apology and the commissioning of an independent audit of all certificates issued by the agency for 2014 to 2016.

Soria Hay | Head of Corporate Finance | Bravura | shay@bravura.net | http//www.bravura.net | The R600 million train blunder that broke in July 2015 is...

The BBBEE Commission announced that it has initiated 17 investigations for possible contraventions of the Broad-Based Black Economic Empowerment Act (BBBEE Act).  Six cases deal...