Zimbabwe foreign firms acknowledges receipt of empowerment letters

Barclays Plc and Impala Platinum Holdings have acknowledged receipt of letters from Zimbabwe's government regarding submissions made to meet a requirement to sell half their local units to black Zimbabweans.

However the companies didn't disclose details of the letters.

In an e-mail statement today, Barclays said it is in ongoing dialog with the ministry and its submission is confidential.

Standard Chartered's spokesperson Tim Baxter said the bank has submitted plans to the government and it is waiting to hear back.

Gideon Gono, Zimbabwe's central bank governor was forced to issue a statement on the these developments. He said "The Reserve Bank of Zimbabwe which is the legal authority to issue or take away banking licences to operators in the banking industry wishes to advise all stakeholders that it has neither given notice to nor does it have any immediate or foreseeable intention(s) to withdraw operating licences from any registered financial institution under its supervision.

This position must, however, not be misconstrued to imply that the Bank condones or encourages non-compliance with the law by any institution operating under its purview. The law of the land is the law and it must be complied with".

Gono warned tha "To this end, tendencies towards firing harmful verbal economic-gunpowder must be minimised by all stakeholders in the interest of the economy and the Reserve Bank of Zimbabwe Board forewarns people playing with economic gunpowder to leave the game to those well-trained in its use and safe custody, lest the unintended will happen, to everyone's future regret".