25% Neeef clause rethink

The provision in the New Equitable Economic Empowerment Framework draft bill which will have white businesses sell a mandatory 25% shares to black people can be reconsidered.

This was the view of the chairperson of the Law Reform and Development Commission, Yvonne Dausab. She said this during a general discussion at the Invest In Namibia conference, which ended in Windhoek yesterday.

That provision has been criticised and caused fear amongst most white-owned businesses in the country, despite President Hage Geingob's persistent attempts to have white people understand it and share their wealth.

Asked whether the laws in Namibia is investor-friendly, Dausab said Namibian laws are there to create a mutually beneficial relationship between an investor and the public.