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Wednesday, October 1, 2008
Written in black and white

The prospectus for the Vodacom YeboYethu share issue, marketed trough post office branches countrywide and the like stipulated that:
Until 11th September Black South Africans had the opportunity to invest in Vodacom YeboYethu through completing a prospectus in terms of a Black Economic Empowerment initiative. According to the Prospectus ‘Black South African’ is defined as ‘African, Coloured, Indian and Chinese’. If they are natural persons and citizens of South Africa through birth, descent or naturalisation occurring before 27th April 1994’ they may apply for between 100 (costing R2 500) and 1.44 million shares. In terms of this you are disqualified from applying for these shares if you are a white person.
The Constitution of the Republic of South Africa 1996 is the ‘supreme law’, that is, its principles take precedence over all other laws. Chapter 2 incorporates a Bill of Rights, and lays down the principles of ‘freedom’ and ‘equality’. No one, including the State, may unfairly discriminate directly or indirectly on one or more grounds including race, gender, sex, pregnancy, marital status, ethnic or social origin, colour, sexual orientation, age, disability, religion, conscience, belief, culture, language and birth.

Copyright © Insurance Times and Investments® Vol:21.9 1st October, 2008
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