Commercial Farmers' Union of Zimbabwe

Commercial Farmers' Union of Zimbabwe

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AAG names a hit list of foreign controlled firms

AAG Names A Hit List Of Foreign Controlled Firms

03/03/2011 09:06:00

Harare, March 03, 2011 – The Affirmative Action Group (AAG), has targeted 
five firms including commercial banks which are foreign owned and are 
operating in Zimbabwe, showing their solidarity with 87-year-old President 
Robert Mugabe.

President Mugabe on Wednesday launched an anti-sanctions campaign at a rally 
in Harare on Wednesday. He has in the past threatened to take over any 
business enterprise that do not adhere to the country’s indigenisation 
regulations forcing foreigners to cede their earnings to local who are 
supposed to have at least 51 percent ownership in the firms.

At the fired-up rally organised by Zanu (PF) youths to sign a petition 
calling for the removal of sanctions, the AAG held huge posters with the 
names of the targeted companies written in black print.

The list was titled “Hit List” which was written in red. Red normally stands 
for danger.

The companies that are supposed to be targeted include the South 
African-based insurance firm, Old Mutual Limited (Old Mutual), BHP Biliton 
(Private) Limited (BHP), Rio Tinto Limited (Rio), the mining giant, 
commercial banks, Standard Chartered Bank Zimbabwe Limited (Stanchart) which 
is controlled from London in the United Kingdom, and Barclays Bank Zimbabwe 
Limited (Barclays), also controlled from London.

Old Mutual Limited has a market capitalisation of US$94 964 645.94 on the 
Zimbabwe Stock Exchange (ZSE). Its share price currently stands at US$1.63.

BHP Billiton Limited is not listed on the ZSE, while Rio Zim has a market 
capitalisation of US$58 417 261.50 and a share price of US$2.02 on the 
bourse right now.

Standard Chartered Bank (Stanchart) is not listed on the ZSE, but the other 
targeted bank, Barclays has a market capitalisation of US$175 435 284.34 and 
a share price of US$7.50.

Stanchart is currently led by Washington Matsaire while Barclays Bank is led 
by George Guvamatanda.

Chairperson of the Anti-Sanctions Campaign and Petition, Vice President John 
Nkomo, said all parties in the inclusive government had agreed in the Global 
Political Agreement (GPA) that sanctions should be removed.

He said the campaign was a process and that there was “no limited number of 
signatures to be gathered”.

The former ruling party Zanu (PF)’s Information Department outlined 10 
reasons why Zimbabweans should sign the petition.

“Sanctions are an attack on our economy, our jobs, our search for total 
empowerment and they are an attack on our business, on workers and on 
consumers,” they said in a statement.

“Sanctions are an attack on our land and our land rights. They aim to create 
conditions for the reversal of land reforms.”

However in an exclusive interview, prominent economist, John Robertson, 
said: “Sanctions is just an excuse by Zanu (PF) for what they did to the 
economy which they have messed up.”

“They (Zanu PF) are now using sanctions as an excuse to try and shift blame 
for what they have been doing since Independence in 1980 when they took over 
farms and put the economy in the mess that it is in right now.

“I sincerely believe the sanctions issue is just being used to try and shift 

A journalist who refused to be named said: “We had sanctions during the days 
on Ian Smith and so there is nothing really new about sanctions. In fact 
sanctions made Rhodesia stronger because we were able to do things on our 

During the days of Rhodesia, under Prime Minister, Ian Smith, the country 
had a very vibrant economy which could export such items as tobacco, it even 
had its own motor vehicle, The Prefect.
Rhodesia actually exported more tobacco than any other country excluding 
Brazil and China during its days of glory.


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