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NEF must pay ”sorry money”, says Madonsela, – Fin 24

NEF must pay ''sorry money'', says Madonsela, – Fin 24

Pretoria – The National Empowerment Fund (NEF) CEO must pay “sorry money” to a woman it withdrew a grant from, a report by Public Protector Thuli Madonsela has found.

The NEF had given “Ms N” final approval to invest R5m in her business, but later withdrew it because she did not qualify as a “black person” under the Broad-Based Black Economic Empowerment Act, according to the report “Stringed Along” released on Tuesday.

The definition of a black person in the act includes African, coloured and Indian people who are citizens of the country by birth or descent, as well as a person who acquired citizenship by “naturalisation” prior to April 27 1994.


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