Fin24 / Sep 24 2017 06:00 / Justin Brown and Lesetja Malope
Johannesburg - Sasol this week came under fire after its Inzalo BEE scheme failed to produce any tangible ownership value.This was especially true for ordinary black investors, because the company’s share price has hardly increased since the inception of the scheme in 2008.
Now, debt taken out to cover the shares bought on behalf of black investors is unlikely to be paid off.This lack of share price growth exposed Sasol to criticism for the way it does business.A silver lining was that all groups included in the venture received dividends of varying sizes.
Inzalo’s biggest winners were the banks that provided billions in debt and received R5.1 billion in payments. Advisers and lawyers to the scheme are set to score from part of the R1 billion needed to wind it up.