Tuesday, June 2, 2015

Special to the NNPA from the Global Information Network

Opposition critics in Zimbabwe are lambasting a government takeover threat announced by President Robert Mugabe of close to 800 companies who fail to practice "affirmative action" and give locals 51 percent ownership of company shares.

U.S. beverage manufacturer Coca Cola is among the 800 foreign companies that skipped last year's deadline to transfer shares to Africans.

"We have now reached the process of de-registering defiant companies and any time from now, some companies will be closed for defying the indigenization law," the Permanent Secretary in the Ministry of Youth Development, Indigenization and Empowerment, Prince Mupazviriho told the state owned Sunday Mail newspaper.

Swiss owned Nestle Zimbabwe is also on the hit list after the company refused to buy milk from the Gushungo dairy farm, owned by President Mugabe's wife Grace, following pressure from human rights activists.

South African-owned platinum miner Zimplats has also been targeted after President Mugabe accused it of externalizing its profits. Critics accuse President Mugabe's party Zanu-PF of using the company takeovers as a campaign strategy ahead of elections expected later this year.

Pres. Mugabe

Category: International

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