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August 1, 2008

Finance sector shelves BEE talks over rift on ownership

The country's major banks and insurance companies suspended their negotiations with Cosatu and the SA Communist Party (SACP) yesterday after failing to make progress on the ownership clause in the transformation charter of the financial services industry.

The talks deadlocked over the demand by Cosatu and the SACP that direct black ownership of banks and insurance firms should be increased from 10 percent to 15 percent, in line with the government's transformation policy.

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Posted by StaffWriter at August 1, 2008 7:32 AM