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Most B-BBEE Certificates Are Fraudulent

 June 28  2016  22:50 l   

Johannesburg - Fronting B-BBEE transactions tops the list of the number of reported cases and complaints received so far by the Broad-Based Black Economic Empowerment (B-BBEE) Commission.

 

The second most reported cases and complaints related to fraudulent verification certificates, acting commissioner for the B-BBEE Commission, Zodwa Ntuli said at a seminar on Tuesday.

The seminar, which was attended by more than 200 B-BBEE practitioners, including verification agents, consultants and advisers, was meant to engage practitioners on matters affecting B-BBEE legislation.  

According to Ntuli the total number of complaints since the establishment of the commission last year demonstrates challenges where legislation is not properly implemented. She further mentioned that the verification process is a critical part of concerns raised during stakeholder engagements as SA currently cannot confidently rely on the certificates issued.
 
“The verification process must assist with achieving compliance and proper implementation. It must provide the necessary assurance that what the company says about its B-BBEE status is indeed correct and can be relied upon. It is the most critical part of B-BBEE as government entities dealing with companies ought to trust that the certificate is worth the paper it is written on,” she said.

Ntuli added that there are indications that some agents award points to companies without even verifying if indeed the status is correct.

“For instance, points are awarded to shareholding that still is subjected to debt payment or where no economic benefit flows to the shareholders at all, when this should not be the case. With proper verification, these issues will be identified and prevented.” said Ntuli.

She added that without proper verified B-BBEE processes, the country process through reports that are not correct and doctored to make everyone believe that transformation is happening when it is not the case.

“Verification professionals have an obligation to report practices that undermine the act to the commission. The commission also has the powers to investigate practices, including where agents have failed to report fronting practices, or have aided companies to circumvent the Act,” said Ntuli.

“The B-BBEE legislation is a redress intervention, but since 2003 we haven’t seen significant progress in it to say it is no longer necessary. We must accelerate it to achieve the necessary inclusivity in line with the NDP. The longer it takes for the private sector to actually transform the longer the B-BBEE legislation will exist in our law books.”

She urged the private and public to collaborate as it is critical for the legislation to succeed.

“We must talk and engage more, and continuously identify issues that require guidance in the codes and legislation. This will ensure that the legislation, regulation and the codes are simplified, and that we all work on the same page,” said Ntuli.

 

 

-Fin24

 

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SA is Making Progress In Its Nine Point Plan - The Presidency

 June 20  2016  22:50 l   

Cape Town - The South African Government is making steady progress in the implementation of its Nine Point Plan to reignite growth and create jobs, the Presidency said on Monday.

The plan, which forms part of of the implementation of the National Development Plan (NDP), was announced by President Jacob Zuma in his 2015 State of the Nation Address.

Energy, tourism, agriculture, boosting small, medium and micro businesses (SMMEs), science and technology, industrialisation and transport are some of the areas addressed in the Nine Point Plan.

In its feedback on progress with the plan, the Presidency said work is being done in all segments of the Nine Point Plan.

Full Story

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MTN Group And Nigeria Agree On Fine Settlement 

 June 13  2016  18:35 l   

MTN Group stood head and shoulders above its rivals in the top 40 index on Monday as a relief rally in the shares of Africa’s biggest mobile operator continued for a second session running.

MTN and the Nigerian authorities on Friday announced a deal to reduce the size of the fine that the South African-based company needed to pay for failing to disconnect unregistered cellphone users in Nigeria — its biggest market.

The group has agreed to pay $1.67bn over three years to settle its case with the Nigerian Communications Commission. The penalty is significantly lower than the $5.2bn originally levied.

The settlement has helped lift the cloud that has hung over the company, and its share price, since October when the news of the penalty first came to light.

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SA Business Confidence Fell To New All-Time Low

 June 07  2016  14:35 l   

Johannesburg - South Africa's business confidence fell to a new all-time low in May hurt by poor performances in sectors such as manufacturing and retail, a survey showed on Tuesday.

The South African Chamber of Commerce and Industry's (SACCI) Business Confidence Index (BCI) fell to 79.3 in May from 82.5 the previous month.This was 7.6 index points lower than a year before and the worst index level since June 1993, according to Bloomberg.

The index had slipped to 79.6 in December after President Jacob Zuma changed finance ministers twice within a week.

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S&P Global Does Not See South Africa  Slipping Into Recession Soon

 June 05  2016  15:40 l   

Johannesburg - Ratings firm S&P Global Ratings said on Monday it does not see South Africa's economy slipping into a recession soon, but warned that economic reforms had to be implemented to avoid a downgrade in December.

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SA Recorded Trade Surplus For First Time In 2016

 May 31  2016  16:35 l   

SOUTH Africa recorded a trade surplus of R430m in April, the South African Revenue Service (SARS) reported on Tuesday.

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US No Longer World's Most Competitive Economy

 May 30  2016  22:00 l   

Cape Town - The US has surrendered its status as the world’s most competitive economy after being overtaken by China Hong Kong and Switzerland, according to the World Competitive Rankings released on Monday.

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Overlapping Trade Blocs Undermine Africa Regional Integration

 May 25  2016  10:20 l   

Regional integration is a key strategy for development and intra-regional trade. It is expected to produce huge economic gains for Africa such as creation of jobs, economic diversification, as well as reduction of poverty and inequality. However, overlapping memberships of competing groups is undermining regional integration on the continent.

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Toyota Injects R6.1bn Into SA Automobile Industry

 May 24  2016  12:20 l   

President Jacob Zuma is due to officially commission a new Toyota manufacturing plant in Prospecton, Durban, on Tuesday.

The plant, which will manufacture new Toyota Hilux and Fortuner models, is part of Toyota's injection of R6.1bn investment into SA's automobile industry.

Full Story

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Stop Playing With Our Economy To Score Political Points- NPA Boss Appealed

 May 23  2016  15:22 l   

Pretoria – Reports of the imminent arrest of Finance Minister Pravin Gordhan were being used to score political points and had subsequently thrown the rand into turmoil, National Director of Public Prosecutions Shaun Abrahams said on Monday.

Full Story

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Coordination of Infrustructure In SA Has Paid Dividends- Ramaphosa

 May 11  2016  21:50 l   

Cape Town - Deputy President Cyril Ramaphosa has mooted investments in the infrastructure and ICT sectors in South Africa and Africa.
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Full Story

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Vodacom To Stop Offering  M-Pesa Mobile Banking

 May 09  2016  10:50 l   

Johannesburg - Vodafone Group’s South African unit Vodacom Group will stop offering its mobile-banking product M-Pesa in the country as the strength of the banking system means fewer customers are taking up the service than in other sub-Saharan African markets.


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VW To Give New Black Suppiers Business Opportunity

 May 05  2016  20:50 l   

Cape Town - Volkswagen Group South Africa (VWSA) wants to work with new black- and women-owned manufacturing suppliers to help South Africa reach its economic transformation goals, it said in a statement on Thursday.

 Full Story

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The African Continent Is Losing More Than R1.16 trillion Through Illicit Outflow

 April 22  2016  22:30 l   

Johannesburg - The African continent was losing more than $80bn (R1.16trn) a year through illicit outflows, former president Thabo Mbeki said on Monday.

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There Are Ways SA Can Avoid Junk Status - Lesiba Mothata

 April 22  2016  22:30 l   

Cape Town - There are ways SA could avoid a ratings downgrade to junk status and turn the tide on the decline, according to Lesiba Mothata, chief economist at Investment Solutions.

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Consumers To Pay 7.64% More For Electricity From July 1st

 April 19  2016 17:30 l   

Cape Town – Consumers who receive their power from municipalities will see electricity prices jump by about 7.64% on July 1, after energy regulator Nersa approved the increase for municipalities this week.

Full Story

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SA Post Office Fails To Pay Leased Cars

 April 14  2016 15:50 l   

Pretoria - The beleaguered South African Post Office stands to lose a fleet of 4 000 cars after failing to pay the leasing company.

Full Story

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South Africans Can Now Apply For Smart ID Cards At Local Banks

 April 11  2016 18:50 l   

Cape Town - South Africans can finally apply for their smart ID cards at local banks following the launch of the eChannel programme.

Full Story

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SA Investors Plan To Make Offer For 10% Of Barclays Africa Group

 April 08  2016 16:50 l   

Johannesburg - A group of South African investors plan to make an offer for 10% of the shares in Barclays Africa Group, a person familiar with the matter said.

Full Story

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SA Trade Deficit Decreased To R1.07bn In February 2016

 March 31  2016 18:15 l   

Cape Town – South Africa’s trade deficit decreased to R1.07bn in February, falling significantly from its revised January deficit of R17.96bn, the SA Revenue Service (Sars) announced on Thursday.

Full Story

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Sanral Accused Of Blaming E-Toll Opponents For Its Financial Woes

 March 29  2016 14:40 l   

Cape Town – E-toll owner Sanral was on Monday accused of blaming its financial woes and credit rating pressures on opponents of the controversial Gauteng road payment system.

Full Story

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Cell C In A Legal Battle With BEE Partner

 March 24  2016 19:40 l   

A LARGE empowerment shareholder at debt-laden cellular services group Cell C is looking to disrupt a much-needed recapitalisation exercise initiated by JSE-listed Blue Label Telecoms.

Full Story

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Gauteng Tolling Equipment Is Unreliable -Outa

 March 22  2016 11:40 l   

Cape Town – Anti e-toll group Outa said on Monday that it has “plenty of evidence” indicating the Gauteng tolling equipment is unreliable.  Full Story

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Chicken War Is Over, US Delivers First Shipment

 March 03  2016 08:50 l   

Cape Town - The arrival of the first shipment of US chicken in South Africa on Monday marked the resolution of a long-standing stalemate between South Africa and the US over poultry imports.   Full Story

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Trevor Manuel Commends Pravin Gordhan For Budget Presentation

 February 25  2016 20:10 l   

Cape Town – Former finance minister Trevor Manuel praised Pravin Gordhan for taking up the challenge and delivering a budget two months after his reappointment. Full Story

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Tax Law Amendment On Retirement Postponed to 2018

 February 18  2016 11:10 l   

Cape Town - For the second year in a row President Jacob Zuma’s government has been forced to backpedal on provisions in the Tax Amendment Act that compel South Africans to put two-thirds of their provident fund savings in a retirement annuity. Full Story

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ANC Courting Business Leaders To Help Rescue SA Economy 

 February 16  2016 11:10 l   

Johannesburg - The ANC has jilted its long-standing labour union allies and is courting business leaders to help it rescue South Africa's economy, which is teetering on the brink of a recession and a downgrade of the nation's credit rating to junk. Full Story

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Gradual Rising House Price Growth In Some Segments 

 February 05  2016 16:00 l   
Cape Town - Nominal year-on-year growth in the average value of middle-segment homes in the South African residential property market remained in single digits in January 2016, according to Jacques du Toit, property analyst at Absa Home Loans.  Full Story 

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The Risk Of A Recession Mounting In SA 

 January 28  2016 11:50 l   
Johannesburg - The risk of a recession in South Africa this year is mounting, making policy decisions more difficult for a central bank battling to balance the need to contain inflation and support a stuttering economy. Full Story

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Portfolio Committee Corrects Its Statement About Outa And E-Toll 

 January 27  2016 12:30 l   
Cape Town - The Portfolio Committee on Transport said on Wednesday that it erroneously stated that the Opposition to Urban Tolling Alliance (Outa) is not opposed to e-tolling. Full Story

 

 

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