Robert Mugabe
Robert Mugabe’s Zimbabwe has announced that foreign owned companies have to sell entirely, or at least let blacks gain a majority stake in the company, or be forced to leave the country.
The directive is part of a new law that takes effect on April 1.
According to Bloomberg News, Indigenization Minister Patrick Zhuwao made the point emphatically during a cabinet meeting, to end any and all debate on the matter.
“Comply by that date or close shop, comply by that date or face the full wrath of the law,” he reportedly told the press in Harare.
The law was passed in 2010, and is now set to be fully implemented. Bloomberg further adds that whilst the 51% rule would apply to mining companies, the percentage figure could be negotiated for businesses in other industries.
This post was published on March 24, 2016 11:07 AM
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