Sakeliga warns of coming prohibition against minority-owned property companies
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Sakeliga warns of coming prohibition against minority-owned property companies
On 13 March 2024, the Property Practitioners Regulatory Authority (PPRA) announced that BEE is now a precondition for doing business. “Property practitioners” with less than 40 points on a BEE scorecard will be refused their Fidelity Fund certificate, making it illegal for them to continue operations.
Minorities will now be forbidden from benefitting from any property transaction without handing shares to a black partner.
Sakeliga urges industry support to prevent this from coming to fruition, and promises to pursue the matter in the courts. In recent years, the organisation has pushed a campaign urging South African businesses to pursue the minimum viable compliance with government directives, and assisted businesses in circumventing or flouting immoral laws against minorities in the private sector.
Tens of thousands of estate agents, property developers, property administrators, landlords, direct property sellers, auctioneers, property advisors, and other practitioners will all be affected by this new regulatory standard.
In addition to this campaign, Sakeliga has also challenged the basis by which BEE certification is applied. The Financial Sector Transformation Council (FSTC) has demanded BEE compliance reporting from all financial institutions by 28 June. However, Sakeliga questions the FSTC’s authority to enforce such reporting, especially on institutions not involved in B-BBEE transactions.
Sakeliga advises financial institutions to seek legal advice and delay compliance decisions. Sakeliga has requested clarification from the FSTC and intends to share any obtained information with financial services providers. Sakeliga’s stance is against BEE policies, which it views as detrimental to economic cooperation and adds unnecessary costs to businesses.
source:https://www.capeindependent.com/article/sakeliga-warns-of-coming-prohibition-against-minority-owned-property-companies
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