Pretoria - Dr Iqbal Survé, the chairman of Sekunjalo Group, has slammed South Africa’s black economic empowerment model, saying it is fundamentally flawed and needs to be reviewed urgently.
He says the model was designed not to bring about any meaningful economic transformation, but merely as an “artificial” entry point into the capital markets.
Survé was testifying before the Mpati Commission of inquiry into allegations of impropriety at the Public Investment Corporation (PIC) in Pretoria on Tuesday.
He told the commission that he had watched as well-known BEE companies established after the new dispensation imploded as their share prices failed to perform.
This came after Survé had left his career as a medical doctor to lead Sekunjalo Investments Limited, present-day African Equity Empowerment Investments (AEEI), making him the youngest CEO of a diversified investment company on the JSE in May 1999.