Wednesday, March 08, 2006

Tough line taken against false BEE companies

Companies that pose as black empowerment businesses face prosecution in the near future as the National Prosecuting Authority moves in to stop what has become known as fronting. Reports says that the Deputy Director General of the Department of Trade and Industry Lionel October told MP’s on Tuesday that his organisation has set up clear guidelines regarding fronting. Verification agencies will inform the DTI of companies who claim to be black-owned but that are not. October said his department hoped this would bring a speedy end to the illegal practice.

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