EconoBEE would like to commend Ms Zodwa Ntuli and her team at the BEE commission for their recent excellent work. On the 23rd of April news broke regarding dodgy BEE schemes that don’t provide voting rights, economic interest and/or net value. An astonishing number of these had been awarded points by verification agencies in the past and we foresee that this will no longer be the case going forward. EconoBEE has always maintained that ownership deals must be done correctly and with the right value being created!
On the 11th of June 2019 the BEE commission issued their ruling in regard to a case against Eskom and Dongfang Electric Corporation Limited. The tender was incorrectly awarded to Dongfang Electric Corporation Limited. To read the ruling click here: https://www.econoserv.co.za/publication-of- findings-and-recommendat-oldings-soc-limited-11-june-2019-2/
Fronting is a criminal offence and the repercussions could result in a fine of up to 10% of a companies turnover or up to 10 years in jail.
If you would like advice on your company’s current BBE transactions, or need assistance in any pending BEE ownership deals, please feel free to get in contact with us.
For more information on the various workshops we hold, please visit https://www.econoserv.co.za/training-workshops-seminars/