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First Wave BEE: political manoeuvring as markets open up (Since 1994)
Second Wave BEE: the statutory phase (Since 2004)
Third Wave BEE: access control (Since ~2018)
More information at - https://sakeliga.co.za/en/the-third-wave-of-bee-what-it-is-and-why-it-must-be-stopped/?utm_source=podbean&utm_medium=podcast_page&utm_campaign=bee_3rd_wave