A recent communication in the media pointed out top BBBEE Verification Agencies and a few well-known South African Enterprises are currently under investigation for fronting and non-compliance (click to read the article online)
The news sent shockwaves through the verification industry as the Broad-Based black Economic Empowerment (BBBEE) Commission announced in a media statement that investigations may lead to prosecution, resulting in fines to the value of 10% annual turnover or 10 years imprisonment may apply. According to the BBBEE Commission, the investigations were initiated after tip offs. The suspected entities have been informed and given 30 days to respond. The result of the investigations is much anticipated by all stakeholders, companies and individuals in the industry.
The scale of corruption in South Africa is very critical to responsible transformation and BBBEE Compliance in the country. The BBBEE Commission is supported and commended by all, knowing that the very purpose of BBBEE is to accelerate transformation and compliance.
Xcelerate Verification Agency assures all clients, companies, organisations and individuals of ethical and transparent business practices in the BBBEE verification industry. We continue to support the BBBEE Commission in its investigations and look forward to greater achievements. Contact Xcelerate Verification Agency today on 0861 505 555 or email firstname.lastname@example.org