Zimbabwe Moves to 'Indigenize' Businesses

Publisher:
Al Jazeera
Publication Date:
14 October 2011
Tags:

Zimbabwe is moving ahead with a new "indigenisation" law, known as the National Community Trust, which will force foreign companies to hand 51 per cent of its shares to black Zimbabweans.

Impala Platinum, a South African owned company, has already agreed to turn over a 10 per cent of its stake in its Zimbabwe units, Zimplats. In September the government threatened Zimplats that it may lose its license to mine the world's second largest platinum reserves.

More companies are expected to follow but some fear that the law is a plan to help strengthen Zimbabwean president for 31 years, Robert Mugabe's hold on the country ahead of possible elections in 2012.

Al Jazeera's Haru Mutasa reports from Selous, Zimbabwe.

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