Control of fronting one of objectives of new BEE Bill

As part of a media presentation held by department and trade of industry (DTI) and in a cabinet statement issued a few days before. it was re-affirmed that a Broad-Based Black Economic Empowerment Amendment Bill, 2012, was about to be tabled Parliament.  The Bill has at one of its main aims the objective of controlling what is termed as “fronting”.

The Bill was published by DTI in November last year for public comment and fulfils a specific stated wish of DTI minister Rob Davies to criminalise  fronting as a statutory offence.

The new Bill will establish a Broad-Based Black Economic Empowerment (B-BBEE) commission to strengthen compliance-related monitoring and evaluation, and also the regulation of B-BBEE verification agencies, by the independent regulatory board of auditors.

The B-BBEE functional body will also, the statement said, provide for “the creation of incentive schemes to support black-owned businesses as part of DTI’s national B-BBEE plan.”

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