News / National
Zimbabwe presses ahead with the indigenisation programme
26 Jul 2012 at 06:04hrs | Views
President Robert Mugabe will launch the Marange Zimunya Community Share Ownership Thursday as government presses ahead with the indigenisation programme which analysts say scare away foreign investors.
The trust, the fifth to be launched since last year, will see the diamond producers contributing to the trust.
In May government launched the Gwanda community share ownership trust.
Last year the Mhondoro-Ngezi-Zvimba community trust was launched in which Zimplats gave 10% to the community.
Unki launched the Tongogara trust while Mimosa also launched the Mimosa community trust.
Under the Indigenisation Act a company can be compliant it it sets up community trust, employee trust or sell shareholding to the National Indigenisation Economic Empowerment Fund.
Government's indigenisation programme has been mired in controversy as officials offer conflicting statements on how the policy would be undertaken.
Finance Minister Tendai Biti recently said that cabinet had agreed to exempted new investors from complying with the 51% threshold. Youth Development Indigenisation and Empowerment minister Saviour Kasukuwere and Reserve Bank of Zimbabwe governor Gideon Gono recently traded barbs over implementation of the programme in the financial sector, the heart beat of the economy.
Old Mutual, Schweppes Zimbabwe Limited and Meikles Limited have already set up employee trusts.
The trust, the fifth to be launched since last year, will see the diamond producers contributing to the trust.
In May government launched the Gwanda community share ownership trust.
Last year the Mhondoro-Ngezi-Zvimba community trust was launched in which Zimplats gave 10% to the community.
Under the Indigenisation Act a company can be compliant it it sets up community trust, employee trust or sell shareholding to the National Indigenisation Economic Empowerment Fund.
Government's indigenisation programme has been mired in controversy as officials offer conflicting statements on how the policy would be undertaken.
Finance Minister Tendai Biti recently said that cabinet had agreed to exempted new investors from complying with the 51% threshold. Youth Development Indigenisation and Empowerment minister Saviour Kasukuwere and Reserve Bank of Zimbabwe governor Gideon Gono recently traded barbs over implementation of the programme in the financial sector, the heart beat of the economy.
Old Mutual, Schweppes Zimbabwe Limited and Meikles Limited have already set up employee trusts.
Source - radiovop
