Security companies worry OP

The Office of the President (OP), through the Controller of Securities, is worried by the increasing number of security companies applying for trading licences.

Chief Security Officer at OP, retired Lieutenant Colonel E. Nthobelang revealed this last week at the Public Procurement and Asset Disposal Board (PPADB) consultative workshop held at Boipuso Hall for registration and grading of security companies.

"There are currently about 1,200 applications from the industry," said Nthobelang, adding that his office receives close to 10 applications daily. He complained that most of the existing and new security companies are using business names but they are not registered as limited companies. That way, they avoid paying tax. He said he advised the controller, who is also permanent secretary for political affairs at OP that something must be done about this problem.

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