Entities in which broad-based trusts are a part of the ownership structure will no longer be viewed as black ownership
No sooner has the position of the black economic empowerment goal posts been settled, than they are shifted again.
After an outcry, this was withdrawn, with trade & industry minister Rob Davies saying it had been “a mistake”.After the last incident the department decided that the matter of broad-based trusts would be looked into by its new BEE commissioner so that it was possible to distinguish between a good broad-based trust and a bad one.
The absence of any announcement leaves both corporate SA and the developmental and educational trusts that have until now benefited from investments made on their behalf guessing as to what constitutes compliance. The third is that, at the end of the day, when the lock-out period is over, the trust beneficiaries must be the unencumbered owner of the shares in the company in which the trust has invested.
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