DA welcomes the request by trade Minister for detailed report from the NEF

Imogen Vollenhoven
31July 2013  

The Democratic Alliance said it welcomes the announcement by the Minister of Trade and Industry Rob Davis requesting a detailed report from the National Empowerment Fund, regarding its funding of Ndalo Luxury Ventures. 

The NEF approved a total 34.1 million-Rand in loan finance to NLV for the construction of the Luminance store, procurement of stock from local and international suppliers, and the local manufacture of a clothing range for the Luminance brand. 

DA MP of Trade and Industry Wilmot James said that there is nothing wrong in the business itself.

“But this is taxpayers money they want a complete explanation of the circumstances under which a grant of this magnitude R34 million goes to a very successful business women,” added Wilmot.

He also said that it is a need for explanation and an account given of why that has happened.

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