The petrochemical firm Sasol announced that they will dissolve the black empowerment scheme called Sasol Inzalo by 2018 and then a new BBBEE scheme will be put in place, called the Khanyiza Empowerment Scheme.
Khanyisa means cool or “cool” as the youth will say and if the scheme is going to work, only time will tell.
Shareholders in Inzalo will not receive compensation as the scheme could not fulfill its debt obligations.
Khanyisa must acquire 20% direct black ownership in Sasol over a ten-year period.
Thus, one after another the BEE project stumbled into debt and mismanagement. The “black hole” seems to be bigger and deeper and finally a bottomless pit that traps everything.
Read the original article in Afrikaans on Die Vryburger
South Africa Today – South Africa News
