Mugabe announces major shift in indigenisation law, softens ownership demands
THE Zimbabwe government has announced a major shift in its controversial empowerment laws, softening its local empowerment demands on foreign mines and banks.
In a statement after a Cabinet meeting on Tuesday, Mugabe said he was prepared to amend the law “forthwith” to comply with the new policy. Mugabe’s statement comes after public disagreements by his ministers over the implementation of the law.
While government would continue to insist on 51 percent local ownership of mines for new business, it would allow existing mines to operate if they retain 75 percent of their earnings in Zimbabwe.
Foreign banks can retain control of their institutions, Mugabe said, striking down recent hardline remarks by his indigenisation minister, Patrick Zhuwao, who is also his nephew. The Source
More to follow…
Follow us on Twitter on @FingazLive and on Facebook – The Financial Gazette