ZANU-PF blacklist


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The Zimbabwe African National Union-Patriotic Front was today reported to have blacklisted 19 foreign-owned companies for defying Zimbabwe’s indigenisation laws. Under the law, companies should be 51 percent-owned by indigenous Zimbabweans by 1 January 2014. The blacklisted companies allegedly include Standard Chartered Bank, Metallon Gold Zimbabwe, Murowa Diamonds, Zimasco, Tongaat Hulett, Pannar Seed and Pioneer Hybrid Zimbabwe. The indigenisation laws were passed five years ago but foreign-owners believed that they would be amended if there was a change of government. Their hopes for a softening up were also raised when President Robert Mugabe moved the portfolio from the militant Saviour Kasukuwere to the soft spoken Francis Nhema. Even new Mines Minister Walter Chidakwa gave mining companies a glimmer of hope when he said he might give some concessions to mining companies if they refined minerals like platinum in the country. But all these hopes were dashed by Mugabe when he said there would be no exception to indigenisation. The case was sealed by Finance Minister Patrick Chinamasa when he confirmed there was no going back on indigenisation.

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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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