Sata to help local investors

Lusaka - Zambia's main opposition leader vowed on Wednesday to make foreign firms set aside 25% of their shares for local investors, if he wins this month's presidential election.

Michael Sata, an admirer of Zimbabwe's leader Robert Mugabe, said he would revoke licences for foreign investors if they resist his orders to give up at least a 25% stake in companies.

Sata, candidate for the Patriotic Front, said he would issue the order within one month if he wins the October 30 election.

"The statutory instrument will provide for a minimum of 25% equity, a period of five years and penalties such as cancellation of licences in the event a company does not comply," Sata said in a statement.

He said the order would apply to banks, financial institutions, mines, factories, farms and petroleum companies.

Sata, a controversial populist, two years ago called for the deportation of Chinese investors whom he accused of taking jobs from Zambians.

Zambia's presidential race is seen as a contest between Sata and acting president Rupiah Banda, who is standing on the ruling party ticket.

Others in the contest include Hakainde Hichilema of the United Party for National Development and a former vice-president Godfrey Miyanda of the Heritage Party.

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed. 
Subscribe to News24
Voting Booth
Zama zama crackdown: What are your thoughts on West Village residents taking the law into their own hands?
Please select an option Oops! Something went wrong, please try again later.
Results
Authorities should bring in the army already
11% - 2140 votes
Illegal miners can't be scapegoated for all crime
49% - 9853 votes
What else did we expect without no proper policing
36% - 7263 votes
Vigilante groups are also part of the problem
4% - 730 votes
Vote
Rand - Dollar
16.43
-0.2%
Rand - Pound
19.86
-0.1%
Rand - Euro
16.70
-0.2%
Rand - Aus dollar
11.50
+0.2%
Rand - Yen
0.12
-0.0%
Gold
1,777.03
+0.1%
Silver
20.17
+0.1%
Palladium
2,163.00
+0.1%
Platinum
938.50
+0.1%
Brent Crude
92.34
-3.0%
Top 40
64,503
-0.3%
All Share
71,370
-0.2%
Resource 10
64,524
-1.3%
Industrial 25
87,172
+0.1%
Financial 15
16,287
+0.3%
All JSE data delayed by at least 15 minutes Iress logo
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE