A light on Luminance, Citypress.co.za – City Press
The story in City Press on September 7 2014, “Luminance loan was not quite paid”, continues to perpetuate selective criticism of black economic empowerment and economic transformation.
Who cares that the loan was “not quite paid”? The notion of debt restructuring is a normal business financing practice, and of course it has nothing to do with BEE.
The ensuing debate on the funding of Luminance, a retail business founded by the entrepreneurial and enterprising Khanyi Dhlomo of Ndalo Luxury Ventures, clearly demonstrates the absence of “headline-grabbing news” and displays a lack of a clear understanding of the core objectives of BEE and its broader scope towards total economic emancipation for the majority of black people in South Africa.
According to most of those opposed to Dhlomo’s project, it was okay for the “top-of–the- league” stronger black boys to be funded through public sector BEE funding schemes, such as those provided by the Industrial Development Corporation, to acquire stakes in predominantly white owned companies, even if no single job was created in the process.