White-Businesses Panic As Namibia Pushes Black Empowerment Bill • Africanglobe.net

ixquick-proxy.com_2016-07-03_16-50-46White-Businesses Panic As Namibia Pushes Black Empowerment Bill • Africanglobe.net – Last month, Namibia started public consultations on the New Equitable Economic Empowerment Bill, which would also require all white-owned businesses to cede at least 50% of management positions to PDPs. The bill also prohibits white males from selling such ownership to their white wives, regardless of whether they are PDPs or not. Further, the bill also prohibits PDP beneficiaries from selling any portion of their businesses to white males. It also calls for the establishment of a council consisting of selected Cabinet members and six other persons to preside over the selection of companies, the sales and transfer of shares. The council would be empowered to seize documents and equipment from companies in cases where improper conduct would be alleged. In addition, the council would be empowered to close all businesses deemed to have failed to comply with the law. Top Namibian investment risk analyst and consultant Eben De Klerk told white-owned newspapers that many white business people were considering leaving the country for ‘friendlier’ investment destinations. He said legal consultations had revealed low prospects of success if the businesses community challenged the constitutionality of the bill in court.

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