Davies withdraws BEE change after company backlash

May 20, 2015

Johannesburg - Trade and Industry (dti) Minister Rob Davies scrapped a plan to change rules aimed at redressing economic inequality and empowering black business people that threatened to put new investment deals in the country on hold for months.

Davies withdrew an official notice of May 5 that said companies would get fewer black economic empowerment (BEE) points if their non-white shareholders are community trusts or employees rather than individuals or black-owned businesses.

Read more.....