South Africa’s Private Security Bill May Create Problems

News sources reveal that the Private Security Industry Regulation Amendment Bill in South Africa, which is presently waiting for being signed and transformed into law by Jacob Zuma, the President of the country, may cause troubles. The bill, which contains a contentious section that incorporates a minimum 51% local shareholding need, has gone through the National Assembly, the portfolio committee on police and the National Council of Provinces, and is presently waiting for approval by the President.

The United States and several countries from the European Union, have written to the Parliament expressing worries that the bill infringes on prevailing investor agreements. These countries have objected to the 51% local shareholding requirement and are disturbed that if it becomes a law, it may persuade a sell-off to local groups. It is feared that the bill will devastate the confidence of investors in South Africa. However, the private security industry is expecting an opposition in the Constitutional Court of South Africa.

Source: mg.co.za
Date: 11th April 2014

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