Parliament, Friday, 18 September 2026 – The Portfolio Committee on Trade, Industry and Competition is scheduling engagements with the auction industry and the respective regulatory bodies in relation to the functioning and regulation of the auction industry, particularly where auctions involve the sale and disposal of South Africa’s strategic and productive assets on 6 October 2026.
Currently, the industry is largely self-regulated with particular asset classes being subjected to government regulation. Several concerns exist around industry practices and how this impacts on national objectives such as economic transformation, industrialization, job creation, and state security, among others.
These concerns include: corruption and lack of transparency in auctions; undervaluation of state and productive assets; reduced government control over strategic sectors; and barriers to entry inhibiting the effective transformation of the auctioneering profession and industry. In particular, the Chairperson of the committee, Mr Mzwandile Masina, highlighted the following:
- The emergence of online auctions for the disposal of strategic and productive assets, which may provide an unfair advantage to foreign-based buyers, given the current exchange rate differentials.
- A disproportionate acquisition of strategic and productive assets by foreign companies through auctions, which is perceived to negatively impact local businesses, and domestic ownership and management of these assets.
- There is a perception that the industry remains untransformed and that barriers to entry exist, such as access requirements and practices that may restrict opportunities for new entrants, thereby limiting transformation of the industry’s ownership structure and the meaningful participation of historically disadvantaged persons within the industry.
Therefore, the committee seeks to establish whether there are legislative and/or regulatory gaps that exacerbate these challenges and to propose measures and/or a consolidated legislative approach to curb the abuse of auctions, particularly online auctions, to undermine South Africa’s economic development and transformation and strengthen regulatory oversight while maintaining a fair, transparent and competitive auction system. In addition, to ensure that the industry is effectively transformed and contributes to the national transformation agenda.
The committee invites the public to make submissions regarding:
- Their experiences of unscrupulous practices by the auction industry,
- The impact thereof on national imperatives such as economic transformation and economic development,
- The state of transformation within the profession, and
- Proposals to address any unscrupulous practices by and transformation within the auction industry.
Submissions should be made by 30 September 2026 to: auctioncomments@parliament.gov.za.
ISSUED BY THE PARLIAMENTARY COMMUNICATION SERVICES ON BEHALF OF THE CHAIRPERSON OF THE PORTFOLIO COMMITTEE ON TRADE, INDUSTRY AND COMPETITION, MR MZWANDILE MASINA.
For media enquiries, please contact:
Mr Mava Lukani
Parliamentary Communication Services
Cell: 081 503 1840
Email: mlukani@parliament.gov.za
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