In Legislation

image001Last week we reverted to the B-BBEE Amendment Act 46 – 2013. The functions of the B-BBEE Commission were illustrated. This week we set focus to disclose various offenses, penalties incurred and the prohibitions to adhere.

OFFENCES, PENALTIES AND PROHIBITIONS

Offenses in connection with the Commission include

Ø  Unauthorised disclosure of confidential information by a person acting on behalf of the Commission

Ø  Hindering, Obstructing or improperly influencing the Commission

Ø  Knowingly providing false information to the Commission

Ø  Misrepresenting the B-BBEE status of an enterprise

Ø  Providing false information or misrepresenting information to a B-BBEE verification professional in order to secure a particular B-BBEE status

Ø  Providing false information or misrepresenting information relevant to assessing the B-BBEE status of an enterprise, to any organ of state or public entity

Ø  Engaging in a ‘fronting’ practise

Ø  Failing to report an offence (applies to verification professionals, procurement officers or other officials of an organ of state or public entity)

Ø  Minimum penalty 10 years imprisonment (and/or a fine) or

Ø  If the offender is not a natural person, a fine of 10% of its annual turnover

Ø  Maximum penalty for an offence relation to the Commission, or for a failure to report, is 1 year imprisonment (and/or a fine)

Ø  Value of the transaction which was derived from. Or sought to be derived from to be considered

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