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6

Zimbabwe orders ‘white firm grab’

Thursday Sep 27, 2007 – By Clutch

bbc.jpgThe goal is to ensure at least a 51% shareholding by indigenous black people in the majority of businesses. The bill completes a process that began with the controversial seizure of white-owned farms starting in 1999. Zimbabwe is currently experiencing the world’s highest inflation and shortages of food, fuel and foreign currency.

The bill still has to go to the upper house – the Senate – for final approval. It already has the support of President Robert Mugabe’s government. If passed in the Senate, the practical effect of the bill may, however, be severely limited, says the BBC’s Peter Biles in Johannesburg. Many foreign companies in Zimbabwe are already operating at a low level, with reduced turnover resulting from the seven-year economic crisis.

Critics have said the Indigenisation and Economic Empowerment Bill could hurt investor confidence in Zimbabwe. It stipulates that no company restructuring, merger or acquisition can be approved unless 51% of the firm goes to indigenous Zimbabweans. If we do not dismantle the structure of colonialism that we inherited then we have not given back all the country’s resources to its rightful owners.

The empowerment bill defines “indigenous Zimbabwean” as anyone disadvantaged by unfair discrimination on race grounds before independence in 1980. It also provides for the establishment of an empowerment fund which will offer assistance to the “financing of share acquisitions” from the public-owned firms or assist in “management buy-ins and buy-outs.” MPs from the governing Zanu-PF party supported the bill in parliament on Wednesday.

“If we do not dismantle the structure of colonialism that we inherited then we have not given back all the country’s resources to its rightful owners, who are our people,” Indigenisation and Economic Empowerment Minister Paul Mangwana said, quoted by Reuters news agency.

Members of the opposition Movement for Democratic Change (MDC) walked out of parliament in protest at the bill before voting began. “We see it as a strategy to amass wealth by the ruling elite, and nothing to do with the empowerment of people,” MDC spokesman Nelson Chamisa told the BBC News website. All government departments and statutory bodies will be asked to obtain 51% of their goods and services from businesses in which controlling interest is held by indigenous Zimbabweans.

Some firms dually listed on the Zimbabwe Stock Exchange and London Securities Exchange firms include Old Mutual, NMB bank and Hwange. Multi-national firms that may be affected by the new policy include Barclays Bank, Bindura Nickel Corporation and miner Rio Zim. Senior British officials say the Zimbabwean government will be disappointed if it thinks it will gain much of value from the move.

Source: BBC News

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6 Comments – Add Yours

  1. Chloe Chloe says:

    This further illustrates the BBC’s inability to run an unbiased and objective report about Mugabe. Granted, their hostility is to be expected with Mugabe stripping Britain of their colonial holdings and returning them to the Zimbabwean people. Their stories are deliberately remiss in mentioning that Zimbabwe’s economic crisis is due to the severe economic sanctions Western nations have exacted upon that country and not a result of abject incompetence on the part of Mugabe. If the US faced the degree of import/export restrictions leveled against Zimbabwe, we’d be in the midst of an economic crisis too.

  2. Sky Sister Sky Sister says:

    All this talk about investors and inflation – a person with no money and healthcare could care less about milk being one dollar or seven – it’s ALL unaffordable to him or her. Chloe is right about the biased reporting of the situation – the leader of the country, whether he is handling the situation correctly or incorrectly – is obviously tired of things as they are. He is doing SOMETHING – just something that other nations don’t like.

  3. ceecee ceecee says:

    If he focused more on giving Zimbabweans proper healthcare and milk, I don’t think anyone would be angry. He left himself wide open for criticsm biased or unbiased!
    Please read the link to this article (from 2003) about how his wife spends Zimbabwean money in Paris
    http://www.newzimbabwe.com/pages/shopper.1156.html

    And I can bet you he’s got mansions tucked away in England, Paris and in the U.S as well!!

  4. Chloe Chloe says:

    Doesn’t matter what he does, the West will still criticize him. Anything short of handing Zimbabwe back to Britain will be demonized. By the way, the Movement for Democratic Change, Mugabe’s main opposition group, is financially backed and armed by Britain and the US. They’re still using the same tactics to get us to turn on one another and unfortunately, they’re still working. For a more balanced report, please see this link: http://www.workers.org/2007/world/zimbabwe-0419/index.html

  5. ceecee ceecee says:

    Chloe,
    I get what you’re saying and I agree with you what he’s trying to achieve is honorable…but only on paper.

    When he set out to evict the white farmers, did he put any black Zimbabweans in school to train them to take over these farms? What about business administration majors to sustain/bring in more contracts?

    Better still who got these farms that are being restored to the black Zimbabweans?

    Why is all the media in Zimbabwe government run and anyone who tries to speak out is shut down?

    The people who are campaigning for Mugabe…why aren’t they in Zimbabwe? It’s easier to sit here with a cup coffee from Starbucks and say Mugabe is being demonized by the West, we support him. Tell that to people who have to queue up for days to get bread.

  6. ceecee ceecee says:

    images by a Zimbabwean….living in Zimbabwe
    http://www.flickr.com/photos/sokwanele/

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