Trade and Industry Minister Rob Davies has called for a report into the R34.1 million funding of a boutique in Hyde Park, Johannesburg, by the National Empowerment Fund (NEF).
Davies spoke about the matter after briefing Parliament’s trade and industry committee yesterday, Business Day reported today.
He reportedly said he wanted to determine whether the funding of the high-end boutique, called Luminance, was in line with the NEF’s mandate and whether there was a need to strengthen that mandate.
“We are looking to see whether this transaction is in overall conformity with the directions of the NEF and whether there is any need to make any changes to the mandate,” he was quoted as saying.
“At this point… I cannot pronounce on the transaction as I have not received the report.”
NEF CEO Philiswe Mthethwa told City Press on Sunday that the amount was a legitimate investment.
“This is the first major investment in a business owned by black women. They seek to transform a sector dominated by whites and foreign interests,” Mthethwa reportedly said.
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