Govt will pay up – Kasukuwere
http://www.thezimbabwean.co.uk
Written by Ngoni Chanakira
Friday, 11 March 2011 17:26
HARARE – In a major twist of events, which has been strongly welcomed by the
business community, the Minister of Youth Development, Indigenisation, and
Economic Empowerment, Savior Kasukuwere (pictured), said the government will
now pay for its stake in foreign-owned firms, instead of simply grabbing it.
Kasukuwere told more than 300 business tycoons gathered in Harare that the
government would now “pay for everything that we take, including commercial
farms”.
He was debating the new Indigenisation Act recently passed by the Parliament
of Zimbabwe.
“We will pay for whatever we acquire. It will no longer be just grabbing
like we did.”
Only last week, Kasukuwere said the Zanu (PF) government would take away
companies which still have a majority shareholding by foreigners. He was
supporting his boss, President Robert Mugabe, who told a rally that his
government would grab Old Mutual Limited (Old Mutual), the insurance giant
whose major shareholder is in South Africa, Standard Chartered Bank Zimbabwe
Limited (Stanchart), whose head office is in London in the United Kingdom,
Barclays Bank Zimbabwe Limited (Barclays) whose head office is also in
London, and Meikles Africa Limited (MAL), whose major shareholder is John
Moxon who has been specified by government for allegedly externalising
foreign currency.
Kasukuwere told local and foreign investors that the new move was meant to
give government a “good name and image especially now that we are seeking
foreign investment from anyone who wants a stake in Zimbabwe”.
Kasukuwere said he was convinced his government and any foreign firms
wanting to invest in Zimbabwe would work things out before using the new
Indigenisation Act.