BEE is not working: Capitec CEO

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BEE is not working: Capitec CEO

Despite the best of intentions, South Africa's Black Economic Empowerment (BEE) scheme has largely been a failure says Capitec's chief executive officer Gerrie Fourie.
 
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I think everyone knows or has accepted that BEE is not working - even among us darkies, we know it failed spectacularly for the general population - but it is difficult for politicians to admit failure, backtrack and redeem themselves. Same with LEWC, we know and we have seen evidence that it will fail with flying colours, but because it is a popular narrative that got people elected, they will force it on us. By the time people 'wake up', it will be too late!
 
Why the hate to the man? He takes a huge risk saying what we have all been thinking. Making an enemy of the ANC could cost his business and as a CEO of a publicly listed company his shareholders might not like the attention this statement brings from government. They are already targeting the banks in a big way due to how they essentially crippled the Gupta's.

Well said sir, you have my full support.
 
Nothing especially new in what he admits (curious decision to make that the headline though). Even members of the ANC and their alliance have admitted as much in the past.
 
What this guy of Capitec does not know is scary and actually even more so to think he is running a bank.

BEE was never, ever intended to be of advantage to the ordinary black man in South Africa.

When the ANC took power of the country, initially they forced companies to make a very few select ANC individuals directors and share billions of Rands with them and their families. More and more ANC members wanted in on this gravy train and so BEE was born to force more companies to look after more select ANC members.

The purpose of BEE is to make only those few black people stinking rich while the masses suffer.

Affirmative Action was brought in by the ANC to cater for those followers and voters who started getting irate for not getting in on this grave train.
 
“There is also an attitude in South Africa that we need to work on that says ‘what can I do?’ rather than (focusing on) entitlement. I think that’s quite crucial for our culture going forward.”
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  • Positivity – Let’s be positive and look a the opportunities (within South Africa).
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Two very important points.
 
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