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BEE STING

27th September 2013

By: Darlene Creamer

  

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On the one hand, the US Securities Exchange Commission (SEC) of the New York Stock Exchange is investigating black economic empowerment (BEE) as corruption, and on the other Italy not long ago saw BEE as uncompensated expropriation in breach of its bilateral investment treaty (BIT) with us. On both occasions, foreigners have seen BEE as something with a nasty sting. The SEC has now got the BIT between its teeth when it comes to BEE, and the Germans have taken over from the Italians in warning South Africa of the risks in faces if it fails to renew its BIT with Germany. They are refusing to afford us even one SEC to give our BIT on the merits of BEE and indeed BBBEE.

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