StanChart plan rejected

The government was today reported to have rejected Standard Chartered’s ownership plan for its Zimbabwean unit because it falls below the required 51 percent local stake. Empowerment Minister Saviour Kasukuwere told the state-controlled Herald newspaper that Standard Chartered had offered to hand over 10 percent of its Zimbabwean operation to local blacks. “The law is clear. It’s 51 percent share holding to indigenous people, not the 10 percent they are talking about,” Kasukuwere told the Herald.

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