News / National
Kasukuwere says indigenisation law will not be amended
14 Jan 2013 at 05:21hrs | Views
Indigenisation and Economic Empowerment minister Saviour Kasukuwere has vowed not to amend the country's controversial indigenisation laws, threatening to take stern action against foreign-owned banks which are yet to comply with Zimbabwe's equity laws.
Addressing guests at the signing ceremony for the terms agreement between the country's largest platinum miner, Zimplats and government, Kasukuwere warned that the State would rein in banks that fail to dispose of controlling stakes in line with empowerment laws.
His remarks come as the MDC-T insists government was working on amending the equity law amid criticism that it was discouraging foreign direct investment.
According to the National Indigenisation and Economic Empowerment Board, over 1 300 firms have submitted compliance plans and out of this, only 350 applications have been approved.
Addressing guests at the signing ceremony for the terms agreement between the country's largest platinum miner, Zimplats and government, Kasukuwere warned that the State would rein in banks that fail to dispose of controlling stakes in line with empowerment laws.
According to the National Indigenisation and Economic Empowerment Board, over 1 300 firms have submitted compliance plans and out of this, only 350 applications have been approved.
Source - news
