EconoBEE’s Official Response to the Approval of the new B-BBEE Codes
12thDecember 2006 – for immediate release

“Cabinet approved the new BEE codes on 6th December. At the same time cabinet approved charters for various industries.

Keith Levenstein, CEO of EconoBEE says “We welcome the final approval of the codes. For many months we have been critical of the delay in finalizing the codes. Each day of delay was hurting the economy, by the confusion caused due to the non-release of the codes.

“Many business, chose not to implement BEE due to the delay, others are awaiting the release of the codes before embarking on specific deals.
Many corporations, including NGO and government departments have been applying criteria other then the BEE codes to their procurement policies due to the delays. This caused economic harm to their customers who did not know which codes to apply for each organization they tendered to.

“The final approval of the codes is therefore to be greatly welcomed. We have said previously that even if the codes were not perfect, they should at least have been approved, and modified via the gazette as need be. This we suspect is what will happen.

“What we are still critical of is the abundance of rumours being spread about the codes – although cabinet have approved them, at this moment they still have to be published. In the light of the lack of information there is bound to be rumours, and certainly incorrect interpretation of the codes.

ENDS

For more information please contact:
Keith Levenstein
CEO – EconoBEE
keith@econobee.co.za
011 483 1190
083 634 9393