Report 76 Business Practices Committee

During August 1996 officials of the Committee met with representatives of the South African Reserve Bank, the Office for Serious Economic Offences, the Financial Services Board and the Commercial Branch of the SA Police Services. (SAPS). At the meeting it was resolved that the Committee, with its enabling legislation, was in the short term the only statutory body that could stop money revolving schemes if such schemes were found, after an investigation in terms of the Act, to constitute harmful business practices.

On 3 September 1996 the Committee resolved to request the Minister to obtain the approval of Cabinet to conduct a section 8(1)(b) investigation into money revolving schemes. Cabinet gave approval for a 8(1)(b) on 19 February 1997 and on 6 March 1997 the Committee resolved to undertake a section 8(1)(b) investigation into these schemes.