Zimbabwe

Zim PM dismisses Zanu-PF led asset grabs

2012-07-04 11:06
AFP

AFP

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

Special Report

Cape Town - Zimbabwean Prime Minister Morgan Tsvangirai has dismissed Zanu-PF led indigenisation plans for banks and other key sectors, in a move set to deepen cracks in the country's already troubled unity government.

The country's indigenisation minister Saviour Kasukuwere last week gazetted a notice announcing that all foreign-owned banks and other sectors including privately-owned educational institutions would be grabbed in line with the controversial indigenisation laws.

But Tsvangirai dismissed the announcement, saying in a statement on Tuesday that "there is no such government position because no such issue has been discussed and agreed upon by cabinet".

He said government had not sanctioned Kasukuwere's actions, which were "a threat to investment in the country".

"The Indigenisation and Economic Empowerment Act does not empower the minister to act and to project an image of a voracious government keen to compulsorily grab almost all institutions and companies in the country."

Zimbabwe's indigenisation programme initially targeted mines, but is now a blanket plan over all sectors of the economy covering finance, tourism, arts and entertainment, engineering and construction, telecommunications and the motor industry.

The indigenisation laws require foreign owned firms in the country to hand over 51% of their shareholding to indigenous Zimbabweans.

Follow Betha Madhomu on Twitter.

Read more on:    zanu-pf  |  morgan tsvangirai  |  saviour kasukuwere  |  zimbabwe  |  southern africa

SHARE:

Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
15 comments
Add your comment
Comment 0 characters remaining

Inside News24

 
/News
Horoscopes
Aquarius
Aquarius

You are active, busy and on a mission today. There may be a special person you wish to entertain and may put in the extra effort...read more

There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.