Business Report writes that trade union Solidarity wants clarity on Vodacom’s reported plans to implement a R15 billion empowerment deal.  

The union noted in a statement on Wednesday that Vodacom apparently wanted to buy back its shares in the Public Investment Corporation to offer them exclusively to black shareholders by means of a special company.  In 2008, Vodacom already concluded a major BEE deal amounting to R7,5 billion.  YeboYethu, a special company that owns Vodacom SA shares for the exclusive benefit of black individuals and companies, forms part of that deal.  According to Solidarity’s Johan Kruger, such schemes would appear to exclude people who were not classified as black from certain BEE share schemes, and such deals could be attendant on the unequal allocation of shares in employee stock ownership plans (ESOPs) if done according to race.  “If these rumours are true Solidarity, will not hesitate to take further action and to launch mobilisation campaigns against the deals,” Kruger said.

• Read this report in full at Business Report
• Read Solidarity’s press statement at Solidarity online

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