Zimbabwe has reduced penalties for foreign companies that violate a government mandate to sell a majority of their shares to locals, according to a government notice obtained today. Penalties for offences including falsifying shareholdings and company valuations will range from three to twelve months in jail, down from the previous five years imprisonment. Zimbabwe has given foreign-owned mines up to Sept. 30 to transfer a majority shareholding to locals.

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Charles Rukuni

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

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