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Thread: BBBEE wrong

  1. #171
    Diamond Member Blurock's Avatar
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    What would have happened if Moeletsi Mbeki instead of his brother became president of South Africa?
    I have the greatest respect for this man. His analysis of our financial and political environment was spot-on and we are now experiencing what he predicted 10 years ago. If you have not read his article posted in the previous thread, I urge you to do it now.
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  2. #172
    Diamond Member Blurock's Avatar
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    So the (unfortunate) prediction made by Moeletsi Mbeki in 2011 was right on the button. If you have not read his book yet, do it now.

    South Africa: Only a matter of time before the bomb explodes
    by Moeletsi Mbeki: Author, political commentator and entrepreneur.

    The country is basically bankrupt and state coffers are empty. The tax base is shrinking. It is reported that about 73% of the R529bn in personal income tax collected in 2019 was paid by a mere 529 230 individual taxpayers, many of whom are skilled, mobile and likely to emigrate as services deteriorate. That is the reason why the ANC is now looking at other sources of income; land expropriation without compensation, NHI (to take money from the medical aids), prescribed assets: compulsory investments in state entities by pension and investment funds. Several state-owned enterprises – think Eskom, SAA and the SABC as the most topical examples – have required inordinate amounts of money from the government to stay afloat, and the SA Revenue Service seems to be lagging on its tax collection targets.

    Blatant Elite Enrichment, also known as BEE, has ruined South Africa by enabling corruption and elitism. I am all for black entrepreneurs being successful and for black managers to be recognized and advanced. However, no entrepreneur, not qualified in racial terms, will risk investing in a new business (creating jobs) where there is so much uncertainty and where he/she is not in control of the business that they have started.

    The ANC's racist policies have rather encouraged the people with knowledge or the means to start a business to emigrate and to look elsewhere. Imagine if Elon Musk had started his business in South Africa!
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  3. #173
    Platinum Member Marq's Avatar
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    More like an implosion rather than a bomb explosion.
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    Blatant Elite Enrichment

    In an article by Anthea Jeffrey, she comments that the SACP/ANC alliance is committed to a national democratic revolution (NDR) aimed at so crippling the capitalist economy that South Africa can in time be pushed into socialism and then a communist nirvana. Its many NDR interventions are the main reason why poverty and inequality have increased so greatly since 1994 – and especially within the black population.

    Much of the fault lies with the race-based employment equity and black economic empowerment rules that enrich a narrow and politically connected elite while impoverishing and greatly harming the black majority.

    These rules, along with the destructive cadre deployment and tenderpreneurship they have spawned, have spread dysfunctionality across the public service, triggered the collapse of many municipalities, crippled Eskom and other SOEs, facilitated corruption way beyond ‘Zupta’ state capture, prompted an exodus of capital and skills, reduced growth to rates far below those in other emerging markets, and increased the number of jobless black people (on the expanded definition) from 3.2 million in 1994 to 10.3 million today.

    Credentialed group (Blatant Elite Enrichment)

    Like other race-based rules across the world, South Africa’s policies benefit only the most skilled and credentialed group, which comprises roughly 15% of the black population. By contrast, the remaining 85% of black South Africans have little prospect of ever gaining access to BEE deals, management posts, or preferential tenders at inflated prices. They are, however, continually harmed by all the adverse consequences of these rules.
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  5. #175
    Diamond Member Blurock's Avatar
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    Pepuda Bill

    Telkom CEO Sipho Maseko recently spoke about how BEE can actually be harmful to local businesses and noted just how easy it is to get around loopholes, that end up harming local businesses and the economy.

    This unfair practice of discrimination against minorities may however come to an end as the ANC government is updating the Promotion of Equality and Prevention of Unfair Discrimination Act, colloquially referred to as Pepuda. The scope of the Pepuda Bill proposes to prohibit not just unfair, intentional discrimination that is related to 18 listed criteria, but even discrimination which is fair or unintentional. The Bill demands the “elimination” of all discrimination – irrespective of whether it is fair or unfair – as part of the general obligation to promote equality.

    The Pepuda Bill runs counter to long-standing ANC policy on race, whereby “Race-based black economic empowerment (BEE), employment equity, and preferential policies will no longer be treated as examples of ‘fair’ discrimination. Instead, all these policies will have to terminated in keeping with the general obligation to promote equality by ‘eliminating discrimination’.”
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  6. #176
    Diamond Member Justloadit's Avatar
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    And if it is like any of the elite court actions, it will take years before actually happening.
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  7. #177
    Diamond Member Blurock's Avatar
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    Quote Originally Posted by Justloadit View Post
    And if it is like any of the elite court actions, it will take years before actually happening.
    Agreed, the dysfunctional government has lost all credibility. The acting Secretary General actually declaring that they love the man who bought South Africa to its knees by facilitating state capture, stealing trillions and then disrespecting the judiciary with contempt of court. This is scandalous and he should actually be tried for treason as an enemy of the people.
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  8. #178
    Diamond Member Blurock's Avatar
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    The IRR released a statement yesterday has tabled three proposals that it believes would quickly revive the economy.
    These proposals are:

    • Protect property rights;

    • End all race-based policies; and

    • Implement Economic Empowerment for the Disadvantaged.

    The statement said: “…instead of race-based policies, South Africa must implement an effective, non-racial empowerment policy. Our proposal, Economic Empowerment for the Disadvantaged (EED), would give businesses an incentive to grow and create jobs, while also empowering those South Africans who most need it and putting an end to the perpetual enrichment of a greedy elite.”

    https://dailyfriend.co.za/2021/07/20...avetheeconomy/
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  9. #179
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    taken from Biz News Insider:

    There is much good being done by South Africans – often in spite of official directives rather than because of them. Take the example of Anthony Krijger, an entrepreneur from Westville in KZN, who wrote:

    As a company we’ve been doing exactly what Mike du Toit suggests.

    We’ve trained in-house when we’ve needed new warehousemen, forklift drivers, drivers etc. All our labour started life with us as being totally unskilled. We started by sending them on a course learning to drive a forklift. We’ve trained drivers by funding their driving lessons and test with the agreement that if they pass the company pays for everything. If they fail, they owe the money back. But when they pass ultimately, we refund them all their costs.

    We pay to train staff on various computer and IT courses as most don’t come to us with the required skills. If there are courses that employees wish to go on, the company encourages this and pays for the course, so long as it is relevant. The results are that we’ve grown with our staff, although we are still a small family business. We have a really low (actually non-existent) staff turnover and we try to make our workplace a place where staff look forward to going to, seeing as they almost spend more time at work than leisure time with their families.

    The galling thing is that in spite of this, we are still seen by authorities as a “white” non-BEE business rather than a family business that aspires to ensure staff get ahead with their careers and create a comfortable and pleasant work environment that is totally non-discriminatory in any way whatsoever.
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  10. #180
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    I suppose the government would say that it is all good but that there is still no ownership. By analogy: "We own a huge mansion in Camps Bay and our servants are well treated" - The government wants part ownership for the non-white workers (for free)

    I am just speculating about the possible reasoning of the government.

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