Forced ownership bills will aid social instability - Herman Mashaba -

Businessman and chairman of the Free Market Foundation, Herman Mashaba today criticised Government for rushing through controversial bills that would irreparably harm the economy, investor confidence and the country’s ability to create jobs and stability.

One of the bills in question is the Private Security Industry Regulatory Amendment Bill which, if signed into law by President Jacob Zuma, will force foreign owned private security firms like ADT, Chubb, Securitas and Panasonic to sell 51% of their companies to South Africans.

“We fought against apartheid to free our people and the economy from draconian policies that stifled growth and repelled foreign direct investment.  I am dismayed that the current administration would consider embracing a business unfriendly policy environment that will effectively cripple the economy and our ability to address inequality, poverty and unemployment,” says Mr Mashaba.

Mashaba says the country’s ability to attract foreign investors to fund and invest in the economy is an important mechanism to fuel growth. 

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