Days are certainly numbered for unscrupulous individuals who have been illegally profiting from black economic empowerment schemes by exploiting the uninformed, the vulnerable and the poor.
Deputy President Cyril Ramaphosa has said this in this address to members of parliament in Cape Town today.
“If you are found guilty of fronting, your business could face a penalty of up to 10% turnover, as well as 10 years in prison for individuals.
“A person convicted of such an offence, will also suffer by not being able to transact with the State for a period of 10 years,” said Ramaphosa.
Ramaphosa revealed that the contrary to what culprits thought, the BBBEE Advisory Council was aware that “fronting” was a rampant malpractice, hence it fully supported the decision to impose penalties on offenders.