PICInquiry: Iqbal Survé slams SA’s BEE model as a farce busrep
Pretoria - Dr Iqbal Survé, the chairman of Sekunjalo Group, has slammed South Africa’s black economic empowerment model, saying it is fundamentally flawed and needs to be reviewed urgently.
Survé was testifying before the Mpati Commission of inquiry into allegations of impropriety at the Public Investment Corporation in Pretoria on Tuesday. This came after Survé had left his career as a medical doctor to lead Sekunjalo Investments Limited, present-day African Equity Empowerment Investments , making him the youngest CEO of a diversified investment company on the JSE in May 1999.
“Upon reflection, I suggest that the model of black economic empowerment was not designed to bring about meaningful economic transformation but served as a mere entry point into the capital markets albeit in an artificial way. Over the next decade, I watched as prominent companies were destroyed as a result of the share prices failing to perform, the debt structures being unsustainable to the point that today black participation in the economy remains negligible.
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