MPs recommend amendment of indigenisation act to compel mining firms to finance share trusts

The Parliamentary Portfolio Committee on Indigenisation and Empowerment recommended an amendment of the country’s indigenisation act to compel mining companies to contribute at least 25 percent to community share trusts. The committee also proposed the inclusion of statutory provisions for application of punitive measures against mining firms that fail to comply with the legislation by December.

Part of the recommendation reads:

The Ministry of Youth, Indigenisation and Economic Empowerment must immediately review the Indigenisation and Economic Empowerment Act to include a requirement of a minimum of 25 percent of the amount pledged by the qualifying companies towards the seed capital of the Community Share Ownership Trusts.

More: Herald

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