Trade, Industry and Competition Minister Parks Tau has extended the deadline for the public to comment on the draft Transformation Fund concept document to May 28, from the original date of May 7. 

The document was released in late March and contains details of a controversial plan to establish a new R100-billion Transformation Fund, which will aggregate private, public and developmental capital into a single fund to support black-owned companies.

The Democratic Alliance has already raised concern that the fund would impose yet further broad-based black economic empowerment obligations on companies, while some other commentators warned that it could open a new avenue for corruption.

Tau, however, insists that the fund will not impose any additional requirements over and above what is already outlined in the prevailing policy, legislation and codes governing black empowerment.

He says the plan is to aggregate enterprise and supplier development funds as well as funds associated with equity equivalent programmes to support the participation and sustainability of black-owned enterprises in the economy.

In a statement, the department said the 15-day extension was designed to give members of the public more time to comment, in light of the importance of the fund and the significant public interest in its establishment.

“It will also give time to organisations and various structures to consult their members to provide inputs, views and comments that will strengthen the concept, the department said,” indicating that submissions could be made by email via transformationfund@thedtic.gov.za