Kasukuwere renews threats
http://www.theindependent.co.zw/
June 21, 2013 in News
INDIGENISATION minister Saviour Kasukuwere yesterday told parliament that
any person who operates a business without a valid Indigenisation Compliance
Certificate risks imprisonment of up to four months with effect from January
1, 2014, according to the newly gazetted Statutory Instrument 66 of 2013.
Staff Writer
The new regulations come into effect at a time many companies in the
finance, agriculture, tourism and retail sectors have not complied with the
51% indigenisation policy that was implemented in 2010.
Kasukuwere told the thematic committee on Indigenisation and Economic
Empowerment chaired by Gokwe North senator Tariro Mtingwende that the new
regulations will affect every business starting from January next year in
all sectors of the economy reserved for indigenous Zimbabweans under Third
schedule of the regulations.
Kasukuwere said: “Any person who operates a business referred to above
without an indigenisation compliance certificate with effect from January I
2014 shall be guilty of an offence and liable to a fine not exceeding Level
Four or to imprisonment for a period not exceeding three months or both.”
Kasukuwere singled out two foreign multinational companies he said were
defying complying with indigenisation regulations.“Tongaat Hullett and
Standard Chartered Bank Zimbabwe have displayed a non-cooperative attitude,”
he said.
Kasukuwere further revealed that compliance by some companies has been
delayed by the issuance of new sector specific regulations. “Gazetting of
specific general notices changed the timeframes and thresholds for
compliance previously prescribed in general regulations and some have new
compliance periods ranging from 2012 to 2015 depending on the relevant
sector and threshold,” he said.He applauded BAT Zimbabwe, Lafarge, Schweppes
Zimbabwe Ltd, Portland Cement and Old Mutual for complying.
These companies created employee ownership schemes, disposed of shares to
the National Indigenisation Economic Empowerment Fund and provided funding
for youths empowerment trusts.