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White South African workers protest against Sasol's black ["]share["] scheme
Workers from South Africa's mainly-white Solidarity union staged a go-slow protest at the petrochemicals firm Sasol on Monday over a share scheme offered exclusively to black staff, and said they would begin a full strike on Thursday.

South African companies are required to meet quotas [!] on black ownership, employment and procurement as part of a drive to reverse decades of exclusion under apartheid. Meeting the rules makes a company more likely to qualify for government tenders.

Equity, equities, and impaired assets?
Solidarity has been waging a challenge against racial quotas in the workplace, and lodged a complaint against the policy in 2016 with the U.N. Human Rights Commission.

Sasol, the world leader in technology that converts coal and gas to fuel, has sold 25 percent of its local operations to qualifying [?] black employees, a foundation and the black public in a 21 billion rand ($1.5 billion) deal financed [?] by the company ["out of thin air"]. ...

3. How are Black people defined in the Sasol Khanyisa Transaction?

The definition of "Black people" is contained in the B-BBEE Act, which currently means Africans [BWAH!], Coloureds and Indians who are citizens of South Africa --

  • by birth or descent or
  • who became citizens of South Africa by naturalisation before 27 April 1994;
  • on or after 27 April 1994 and who would have been entitled to acquire citizenship by naturalisation prior to that date.
4. How many shares or rights to shares will each participant receive?
Employee Participants
- Sasol employees participating in Sasol Inzalo trusts:
-who are actively employed at the inception of Sasol Khanyisa;
-will each receive, at no cost to the employee, vested rights in SOL or SOLBE1 shares to the value of R100 000 (once off share award);
-this will be subject to tax when vesting takes place;
-whieh will give full ownership in 3 years' time (2021), provided that an employee is still in the employ of Sasol group [US-Eng., Restricted Stock Units]; ...
Solidarity said the scheme was discriminatory and that it would file a complaint to U.S. regulators [!]. Sasol also operates in the United States.
Sasol says it's ready for Solidarity's 'clever strike'
"They need the skilled workers [for the shutdown] and we are the skilled workers."

archived < cough, cough >
"Cynthia, where are my reparations?!"

Diversity is the key to economic and political evolution.

by Cat on Tue Sep 4th, 2018 at 04:44:20 PM EST
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