Fiscal matters, BUSINESS DAY EMPOWERMENT
Fiscal matters, BUSINESS DAY EMPOWERMENT
The way that BEE transactions are funded has changed since new legislation has come into effect By Jean Michelson PHOTOGRAPHY ANDREAS El SELEN/HSMimages ver R600 billion has been spent on BEE transactions since 1995, according to National Treasury figures, while EY determined there were more than 1500 publicly announced BEE ownership transactions valued at R533 billion since 1995. This is according to SA President Jacob Zuma, who quoted these figures at the BBBEE Summit in Johannesburg in October 2013. Most transactions involved JSE-listed companies. Despite these figures, racial transformation of the economy still has a long way to go. Minister of Trade and Industry Rob Davies said the overall economy received a Level 4 BBBEE rating with regard to its compliance.
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