Foreign firms in Zimbabwe have till April 1 to sell shares to black Zimbweans or close

Patrick-Zhuwao

https://www.rt.com/business/336881-zimbabwe-shares-blacks-mugabe/

Companies owned by foreigners face closure unless they sell or give up 51 percent of their shares to black Zimbabweans by April 1, announced Indigenization Minister Patrick Zhuwao.

“Comply by that date or close shop, comply by that date or face the full wrath of the law,” Bloomberg quotes Zhuwao, who is also President Robert Mugabe’s nephew.

This month, the IMF asked the Mugabe administration to clarify the country’s policy on black empowerment. Zimbabwe has agreed to major reforms including compensation for evicted white farmers.

Harare says it expects an IMF loan in the third quarter of this year, the first since 1999, after repaying foreign lenders $1.8 billion by the end of June.

President Mugabe is known for evicting white farmers. In 2010, the Guardian reported that Mugabe used land reform to reward his allies rather than ordinary black Zimbabweans. The newspaper’s sources reported Mugabe and his supporters owned about 40 percent of the land seized from white farmers.

The white farmers received no compensations after being evicted.

“If white settlers just took the land from us without paying for it, we can, in a similar way, just take it from them without paying for it,” said Mugabe.

However, Mugabe’s allies have hinted that at least some of the evicted farmers can return.

Zimbabwe is known for its mineral resources. It has the world’s second-biggest deposit of chrome and platinum after South Africa.

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https://seeker401.wordpress.com/2016/03/13/mugabe-eager-to-nationalize-zimbabwes-diamond-industry/

i posted on the nationalization of the diamond industry..now it appears to be going further..and they dont have long to wait..

401

~ by seeker401 on March 29, 2016.

8 Responses to “Foreign firms in Zimbabwe have till April 1 to sell shares to black Zimbweans or close”

  1. Funny how they can take down so many countries but not Mugabe – what does he have that other vanquished dictators did not ?

    • secrets? diamonds? good question..

      • maybe he doesn’t hv oil..

      • He went to a jesuit school :-

        “He reportedly still attends weekly Mass in Harare. Martin Meredith, a former Southern Africa correspondent for the London Times and a biographer of Mugabe, once asserted that, “At least in his younger days, Mugabe’s mentor had been the Catholic Church.”

        This particular history, while seemingly unassuming, may actually be the “mysterious secret” to the power and prowess of the once “great” leader of the Southern African nation. What has baffled many people and particularly Zimbabweans themselves to this day, is how this once loved man could have become transformed into such a despot of fierce countenance?

        Does the man himself wonder sometimes, how the compassion of his people has turned to bitter dislike for his very person? Has he become so awfully cold that he can’t even feel a thread of remorse for the sufferings of his fellow countrymen? What is it that runs in the veins of these so-called “Dictators,” that makes them seem like birds of the same feather?

        – See more at: http://nehandaradio.com/2012/06/12/mugabe-molested-by-one-of-his-jesuit-mentors/#sthash.4JyQiy6v.dpuf

  2. great post

  3. Reblogged this on UZA – people's courts, forums, & tribunals and commented:
    If only the wealth was distributed between the real shareholders: the people; in peace

  4. Its one way of sharing the wealth. This day was coming…..

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