As at 25 August 2017, the Broad-Based Black Economic Empowerment (B-BBEE) Commission has received hundred and forty eight (148) major B-BBEE transactions in line with the requirement of the B-BBEE Act, and is currently in the process of assessing them for compliance with the B-BBEE Act. The B-BBEE Commission has ninety (90) days to consider each transaction and will advise the parties if there are any areas of concern regarding the deals that must be remedied.
In terms of section 13F (1) (f) of the B-BBEE Act, every B-BBEE ownership transaction with the transaction value of R25 million must be submitted to the B-BBEE Commission for registration within fifteen (15) days after it has been concluded. This talks to any sale of shares, assets or business but excludes equity equivalent transactions concluded in respect of multinationals with the approval of the Minister of Trade and Industry. If a company has signed on the B-BBEE ownership deal recently, the B-BBEE Commission is waiting for it within the fifteen (15) days set.
After the Minister of Trade and Industry issued a notice in the government gazette determining the threshold of R25 million on 9 June 2017, all old transactions that were concluded from 24 October 2014 to 8 June 2017 had to be registered within sixty (60) days from 9 June 2017. This timeline has since passed, those who have not yet registered their deals, are in breach of the B-BBEE Act, and if uncovered this could attract penalties of up to 10% of the annual turnover or imprisonment of up to ten (10) years. The B-BBEE Commission urges parties to approach it for assistance and guidance to improve compliance on these matters.
The list of transactions already registered as at 25 August 2017 is attached and will be available on the website www.bbbeecommission.co.za, and updated from time to time:
Click here for the Major B-BBEE Transactions.
Issued on behalf of the B-BBEE Commission by:
Sidwell Medupe – Departmental Spokesperson
Department of Trade and Industry
Tel: +27 12 394 1650
Mobile: +27 79 492 1774
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