News

Zim seeks to control foreign firms

November 07, 2009 Edition 1

HARARE: Zimbabwe's government has proposed that "indigenous Zimbabweans" take 51 percent ownership of all foreign companies, including mines and banks, according to a draft law revealed yesterday.

An official at the Chamber of Mines expressed surprise and concern at the proposed law, saying: "It goes against what we've been discussing with the Ministry of Mines."

The draft rules, prepared by the Ministry of Youth Development, Indigenisation and Empowerment, say Zimbabweans should control foreign-owned businesses with an asset value above US$500 000 (R3.8m). - Reuters

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