Jan 30, 2014
Zuma signs BBBEE Amendment Bill into lawBack
Jacob Zuma|Joanmaraie Fubbs|Rob Davies
© Reuse this
“The amendments will also deal with noncompliance and circumvention by, inter alia, introducing offences and penalties,” he commented.
“We have introduced offences for acts of fronting which include misrepresentation, or attempting to misrepresent the BBBEE status of an enterprise, as well as providing false information or misrepresenting information to the verification personnel to secure a particular BBBEE status.
“Any person convicted of an offence, in terms of the Act, is liable to a fine or to imprisonment for a period not exceeding ten years, or to both a fine and imprisonment,” he said.
Responding to the announcement, the Portfolio Committee on Trade and Industry chairperson Joanmarie Fubbs said the committee welcomed the amendments to the Act, stating that the amended legislation would significantly transform the economy and enable a more inclusive society.
Edited by: Tracy Hancock© Reuse this Comment Guidelines (150 word limit)
Updated 7 hours ago Protech Khuthele Holdings on Wednesday said, in a cautionary note to shareholders, that, as the failed company unwound, investigations were ongoing into its affairs. The company provided no indication of the completion date.
Updated 7 hours ago Private equity investors are increasingly becoming more active in Africa’s bid to narrow the $90-billion a year infrastructure funding gap constraining the continent’s growth. This was according to a survey by the Southern African Venture Capital and Private Equity...
Recent Research Reports
Road and Rail 2014: A review of South Africa's road and rail infrastructure (PDF report)
Creamer Media’s Road and Rail 2014 report examines South Africa’s road and rail transport system, with particular focus on the size and state of the country’s road and rail network, the funding and maintenance of these respective networks, and the push to move road...
Real Economy Year Book 2014 (PDF Report)
This edition drills down into the performance and outlook for a variety of sectors, including automotive, construction, electricity, transport, steel, water, coal, gold, iron-ore and platinum.
Real Economy Insight: Automotive 2014 (PDF Report)
This four-page brief covers key developments in the automotive industry over the past 12 months, including an overview of South Africa’s automotive market, trade figures, production and the policies influencing the sector.
Real Economy Insight: Construction 2014 (PDF Report)
This five-page brief covers key developments in the construction industry over the past 12 months. It provides an overview of the sector and includes details of employment in the sector, infrastructure and municipal spending, as well as insight into companies’...
Real Economy Insight: Electricity 2014 (PDF Report)
This five-page brief covers key developments in the electricity industry over the past 12 months, including details of State-owned power utility Eskom’s generation activities, funding and tariffs, independent power producers and prospects for the sector.
Real Economy Insight: Road and Rail 2014 (PDF Report)
This six-page brief covers key developments in the road and rail industries over the past 12 months, including details of South Africa’s road and rail network and prospects for both sectors.
This Week's Magazine
The latest TransUnion Vehicle Pricing Index (VPI) contains a number of small, but significant indications that the tide may at last be turning for the beleaguered used car industry. For the third successive quarter, used car inflation has increased on a year-on-year...
The South African new vehicle market is likely to reach around 630 000 units in 2014, down from the 650 000 units recorded in 2013, says Toyota South Africa Motors (TSAM) president and CEO Dr Johan van Zyl. Van Zyl is also president of the National Association of...
Efforts by the Kenya government to increase energy generation by 5 000 MW over the next three years received a major boost following the award of a $2-billion contract to build a coal power plant in Lamu. Despite allegations of irregular tendering process, the...
Using crafty wordplay on a well-known Internet meme, brilliant South African-born US entrepreneur and businessperson Elon Musk announced that Tesla Motors would not initiate patent lawsuits against anyone who, in good faith, wanted to use its technology. Instead,...
August new vehicle sales declined by 1.4%, to 55 722 units, compared with the same month last year. Assisted by the car rental market, the South African new passenger car market, at 37 953 units, contracted by 1 047 units, or 2.7%, compared with August last year.