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September 1, 2008

Finance sector BEE talks miss deadline

South African banks, insurance companies, Cosatu and the SA Communist Party (SACP) have failed to find common ground on direct ownership in the financial services sector and have missed the August 31 deadline set by the department of trade and industry (dti) to gazette sector charters.


The failure to meet yesterday's deadline means that the banks and insurance companies might be compelled to increase their direct black economic empowerment (BEE) ownership to 15 percent and indirect ownership to 10 percent - something that could make Cosatu happy and the financial services companies livid.

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Posted by StaffWriter at September 1, 2008 7:34 AM