Cape Town Mayor Nomaindia Mfeketo has strongly defended the city's black empowerment policy after critics slammed the Big Bay BEE initiative as a "dismal failure".
Black-owned companies were given the opportunity by the city to purchase 65 erven at Big Bay as part of an empowerment initiative.
But instead of developing the plots in line with Mfeketo's aim of "furthering the city's strategic objectives of increasing broad-based and effective participation by black people in the economy" the black-owned companies simply put many of the plots back on the market - making profits of R80 000 to R200 000 each.
Critics have now suggested the transactions were nothing but "handouts" to a select few who have now been enriched. They argue this is not empowerment. Read More
Black-owned companies were given the opportunity by the city to purchase 65 erven at Big Bay as part of an empowerment initiative.
But instead of developing the plots in line with Mfeketo's aim of "furthering the city's strategic objectives of increasing broad-based and effective participation by black people in the economy" the black-owned companies simply put many of the plots back on the market - making profits of R80 000 to R200 000 each.
Critics have now suggested the transactions were nothing but "handouts" to a select few who have now been enriched. They argue this is not empowerment. Read More
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