CityPress - - Business -

The Pri­vate Se­cu­rity In­dus­try Reg­u­la­tion Amend­ment Bill has been passed by Par­lia­ment and is wait­ing for Pres­i­dent Ja­cob Zuma’s sig­na­ture.

Most of the bill in­volves rel­a­tively un­con­tentious and over­due new reg­u­la­tions on the sec­tor, like strength­en­ing the Pri­vate Se­cu­rity In­dus­try Reg­u­la­tory Au­thor­ity and mak­ing se­cu­rity com­pa­nies re­port reg­u­larly on their guards’ use of guns.

The con­tro­versy comes from a new rule that for­eign share­hold­ers can­not own more than 49% of a se­cu­rity com­pany in South Africa.

This in­cludes sub­cat­e­gories like in­ves­ti­ga­tion ser­vices, se­cu­rity con­sult­ing, alarm mon­i­tor­ing, ar­moured trans­port and guard­ing.

The bill al­lows the govern­ment to set higher or lower max­i­mum lev­els for for­eign own­er­ship in these cat­e­gories, mean­ing some sec­tors may be un­af­fected or com­pletely closed to for­eign com­pa­nies.

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.