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To BEE or not to BEE: Businesswoman's shares sold to her for R1


A Johannesburg-based consultancy firm is under investigation after allegations emerged that it fired its BEE partner‚ bought her shares for R1 − and still uses her name as director and shareholder for BEE points.

Kempton Park-based Faith Nkosi has reported the company LifeAssist to the Broad-Based Black Economic Empowerment (B-BBEE) commission. This‚ she claimed‚ was after the company dismissed her as a director‚ withheld financial reports of the company from her as a shareholder and later paid her R1 for her 29.88% shares in the company.

Faith Nkosi, a former BEE partner in a company she accuses of still using her name for BEE points. Image: Khanyi Ndabeni

The company has denied claims that it kept information from Nkosi. Instead‚ it accused her of absconding from a shareholders’ meeting held in December 2017 where her directorship was to be discussed.


LINK : https://www.timeslive.co.za/news/south-africa/2018-04-03-to-bee-or-not-to-bee-businesswomans-shares-sold-to-her-for-r1/

Disclaimer - The views expressed here are not necessarily those of the BEE CHAMBER

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