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JSE-listed firms under scrutiny over equity law compliance

Companies found to be in breach of laws could face R1.5m penalty.

The Department of Labour has started a review to inspect 72 JSE-listed firms to ensure compliance with employment equity laws, it said on Thursday.

South Africa’s employment equity legislation aims to remove unfair discrimination and accelerate diversity in workplaces as the government seeks to redress the race-based policies of apartheid which ended in 1994 when the ruling African National Congress came to power.

The department said any company which breached employment equity laws could face a fine of R1.5 million or be liable for criminal prosecution to enforce compliance.

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Chris Hart was right, R60 to the USD here we come. This is a form of legalized plunder and investment will leave to country.

“But how is this legal plunder to be identified? Quite simply. See if the law takes from some persons what belongs to them and gives it to other persons to whom it does not belong. See if the law benefits one citizen at the expense of another by doing what the citizen himself cannot do without committing a crime.”
― Frédéric Bastiat, The Law

Why on earth would any company invest here knowing they would have to put up with this ridiculous nonsense?

Now give this to gigabyte to go and sell to investors. We in SA think we can dictate to investors. Yeah right! 50% unemployment here we come!

The mines are down the tubes , manufacturing jobs are leaving – me thinks it is a matter of time before companies listed on the Jse change their listing to another bourse.’
Anglo , sab , steinhofff (shoprite aka Star soon to go).
Leave 783 and the guptas to play a tune among the azanian ruins
Eish where have all the jobs gone!

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ZAR / Euro



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