LONDON - The Department of Trade, Industry, and Competition has unveiled plans to establish a R100-billion Transformation Fund which aims to advance South Africa’s constitutional commitment to economic redress and inclusive growth.
By targeting black-owned businesses, the fund seeks to address the Apartheid legacy of economic exclusion and to promote more broad-based participation in the country’s economy.
Director at Transcend Capital , Shaun Smit, said there is the potential for misuse of funds for corrupt activities.
"It is really a concern the DTCIU mentioned that this maybe a public partnership working with National Empowerment Fund," he said.