Johannesburg – Trade and Industry Minister Rob Davies has called for a report into the R34.1m funding of a boutique in Hyde Park, Johannesburg, by the National Empowerment Fund (NEF), Business Day reported on Wednesday.
The ultra-stylish boutique is owned by Khanyi Dhlomo, her mother Venetia and business person Judy Dlamini, who is married to First Rand CEO Sizwe Nxasana.
Davies spoke about the matter after briefing Parliament’s trade and industry committee on Tuesday, the newspaper reported.
He reportedly said he wanted to determine whether the funding of the high-end boutique, called Luminance, was in line with the NEF’s mandate and whether there was a need to strengthen that mandate.
“We are looking to see whether this transaction is in overall conformity with the directions of the NEF and whether there is any need to make any changes to the mandate,” he was quoted as saying.
“At this point… I cannot pronounce on the transaction as I have not received the report.”
NEF CEO Philiswe Mthethwa was quoted as telling City Press on Sunday that the amount was a legitimate investment.
“This is the first major investment in a business owned by black women. They seek to transform a sector dominated by whites and foreign interests,” Mthethwa reportedly said.
The 700 square metre store opened last week and carries nearly 80 high-end labels including Givenchy, Stella McCartney, Oscar de la Renta and Alexander McQueen. – News24
Facebook: Lifestyle Tabloids