The Broad-Based Black Economic Empowerment (B-BBEE) Commission has instructed Net Value Holdings, the organiser of the B-BBEE sessions titled “B-BBEE PARTNERSHIP TAILORED TO YOUR BUSINESS” planned for today (22 September) in Johannesburg and 6 October in Cape Town, to cancel the sessions with immediate effect.
The sessions were advertised as promising to provide primary benefits to any entity that partnered with Net Value Holdings on how to retain full operational control of their business, be rewarded for the equity value it brought to the table as well as empower the black individuals contributing to the businesses.
According to the Commision, upon meeting with Net Value Holdings there was lack of transparency on the details and content of the sessions.
“The B-BBEE Commission has resolved that these sessions encourage fronting practices in the market and undermine the objectives of the B-BBEE Act, and further frustrate the function of the Commission in educating companies on how to apply B-BBEE properly,” according to a press statement.
“The Commission condemns any awareness sessions that encourage fronting practices and urges members of the public to be vigilant and report any similar engagement for the B-BBEE Commission to give charge to its mandate.”
