Articles tagged 'indigenisation'

Zim moves to acquire Zimplats land 22 November 2016 HARARE - Zimbabwe's cash-strapped government has moved a step closer to compulsorily acquire 28 000 hectares of mining land in Kadoma held by Zimplats, in a development that is likely to put the country on a collision course with foreign investors. President Robert Mugabe — who of late has bee...
'Indigenisation law flawed' 10 October 2016 HARARE - The indigenisation policy, which has been largely blamed for scaring away investors, has exposed government’s confusion and inconsistencies, as President Robert Mugabe last week tasked parliamentarians to amend the law. The flawed and controversial law has been prone to misinterpretat...
India overhauls indigenisation rules 21 June 2016 MUMBAI - India has announced a radical overhaul of its foreign ownership rules to attract more overseas investment. Airlines and some defence industries may now be 100% foreign owned - up from 49% and 74% respectively. And for overseas retailers there's respite from a rule that required 30%...
Govt waives indigenisation on Air Zim 22 May 2016 VICTORIA FALLS - Government has waived its controversial indigenisation policy to pave way for the recapitalisation of troubled national airline, Air Zimbabwe. Enacted in 2008, indigenisation regulations compel all foreign- owned businesses to cede 51 percent of their shareholding to black Zim...
Zhuwao eats humble pie 23 April 2016 HARARE - Indigenisation minister Patrick Zhuwao yesterday accepted that he “misinterpreted” aspects of the indigenisation policy, adding he respectfully accepted President Robert Mugabe's policy statement as the new “directive” his ministry would take. Mugabe dramatically revised rules compell...
Mugabe sparks fresh policy confusion 19 April 2016 HARARE - Zimbabwe's move to dramatically revise rules compelling foreign firms to transfer majority control to local blacks marks a major change that analysts said highlights deep policy flaws and inherent confusion in government. Government, which required foreign firms with assets worth $500...
Mugabe clarifies indigenisation 13 April 2016 HARARE - President Robert Mugabe yesterday stepped in to clarify the country's position on the Indigenisation Law after some of his cabinet ministers openly brawled over the implementation of the legislation in the financial services sector. Mugabe said the conflicting positions on how to impl...
Zhuwao tosses tax loophole to Chinamasa 4 April 2016 HARARE - Indigenisation minister Patrick Zhuwao says his ministry has approached Treasury after it emerged that amendments to Zimbabwe's black empowerment laws would, in the long run, force empowered employees to sell off their shares to meet tax obligations. Speaking on the sidelines of a mee...
AAG to Zhuwao's defence 4 April 2016 BULAWAYO - The Affirmative Action Group (AAG) has leapt to the defence of Indigenisation minister Patrick Zhuwao over his threats to sue foreign companies that will not comply with the controversial empowerment law. Zhuwao recently threatened to close non-compliant firms, warning that he would...
Zhuwao's indigenisation stance worrying 31 March 2016 HARARE - Indigenisation minister Patrick Zhuwao's combative stance on foreign firms that are yet to comply with the controversial indigenisation policy is very worrying to say the least. Yesterday, President Robert Mugabe's nephew was at it again but this time not only threatening to close all...
Threats against foreign firms 'fascist' 27 March 2016 HARARE - Thousands will be jobless if government goes ahead with its Indigenisation and Empowerment Act directive, economic experts have warned. This follows Wednesday's announcement by Indigenisation minister Patrick Zhuwao that all foreign-owned companies face closure unless they sell or giv...
'Zhuwao playing Russian roulette with economy' 26 March 2016 HARARE - The Welshman Ncube-led MDC has accused government of playing Russian roulette with the economy after government gave foreign businesses until April 1 to comply with controversial equity laws that compel them to cede majority stakes to locals or risk closure. Empowerment minister Patri...
Zim threatens to shut down non-compliant foreign firms 24 March 2016 HARARE - Government yesterday threatened to shut down foreign-owned firms that do not comply with its indigenisation law by April 1. “Cabinet has directed that on April 1 all line ministers invoke Section 5 of the Indigenisation and Economic Empowerment Act Chapter 14:33 and act against all no...
Zhuwao offside 23 March 2016 EDITOR — I strongly condemn the shocking and reckless announcement made over the weekend by the Youth, Indigenisation and Economic Empowerment minister, Patrick Zhuwao that government will from April 1 close all foreign-owned companies that fail to pay empowerment levies. Records show that the...
Zhuwao, Chinamasa agree on indigenisation 5 January 2016 HARARE - President Robert Mugabe's Cabinet ministers yesterday agreed on the implementation of the Indigenisation Act in a move aimed at clarifying the controversial policy to attract foreign investors. Finance minister Patrick Chinamasa and Indigenisation minister Patrick Zhuwao — who have be...
Zhuwao, Chinamasa brawl over indigenisation laws 27 December 2015 HARARE - Damaging discord has once again emerged in President Robert Mugabe's Cabinet, with two ministers Patrick Chinamasa and Patrick Zhuwao reading from entirely different scripts on the country's contentious indigenisation framework. So wide has the gulf between the two bigwigs become that...
Zim to clarify indigenisation policy 11 December 2015 HARARE - Zimbabwe is working on announcing and gazetting the Indigenisation Law’s updated framework templates and procedures aimed at clarifying the controversial policy, a Cabinet minister has said. Indigenisation and Empowerment minister Patrick Zhuwao said the new frameworks are meant at br...
Zhuwao takes indigenisation mantra to SA 20 October 2015 HARARE - Newly-appointed Indigenisation minister Patrick Zhuwao will next week headline the Zimbabwe Mining and Tax Law Market Briefing 2015 in South Africa where he is expected to clarify the country's empowerment laws. Enacted in 2008, the indigenisation law requires foreign firms to hand ov...
Has Zhuwao lost his marbles? 6 October 2015 EDITOR — There is something seriously wrong in Zimbabwe today. Companies are already struggling owing to a difficult operating environment. While some in Cabinet are trying to find ways of attracting investment, one — Indigenisation minister Patrick Zhuwao — is actually proposing to impose ...
Mixed fortunes for platinum miners 2 October 2015 HARARE - Zimbabwe's largest platinum producer, Zimplats Holdings Limited (Zimplats)’s, indigenisation plan has been approved but the country is yet to give Mimosa Mine the green light to implement its proposal. The miner's chairman Sydney Mufamadi said government authorised the platinum giant ...
Zhuwao is offside 28 September 2015 HARARE - Zanu PF's penchant for clicking the self-destruct button, which is clearly underlined by senseless internal fights and policy contradictions, remain the biggest obstacle in the country's re-engagement efforts. There appears to be a deliberate ploy to sabotage the efforts of well-meani...
Daily News continues to lead from the front 27 September 2015 HARARE - Since the Daily News came back in March 2011 from its eight years of forced and unjust closure by the government, the country's top rated newspaper has led the way in terms of breaking news, telling it like it is and providing riveting analysis on issues that matter to Zimbabweans. Th...
Govt, Green Fuel in indigenisation talks 20 August 2015 HARARE - Government says it is in discussions with the country's sole licensed ethanol producer, Green Fuel, over the company's compliance with the country's indigenisation laws. Energy and Power Development deputy minister, Tsitsi Muzenda, recently told the National Assembly that government w...
Mugabe call encouraging but… 12 August 2015 HARARE - President Robert Mugabe's encouraging statement on respecting investor rights should not be allowed to stop with the full stop on the paper on which his Heroes Day speech was written on! It's significant that Mugabe, who is seen as a stumbling block to attracting investment into Zimba...
Govt to bend indigenisation policy on Airzim — Mpofu 9 May 2015 HARARE - Zimbabwe is willing to compromise on indigenisation stipulations to help the national airline to secure a new investor. Transport minister Obert Mpofu said government was pursuing various efforts to ensure that Air Zimbabwe (Airzim) starts operating on a sustainable basis. “We woul...