HomeBusinessShut and go, Kasukuwere tells firms

Shut and go, Kasukuwere tells firms

He said Chinese and Indian investors were ready to take over foreign-owned companies that are resisting to hand over 51% shareholding to black Zimbabweans, adding that Far East countries were ready to comply with the country’s empowerment laws.

Speaking at a Confederation of Zimbabwe Industries (CZI) organised business seminar on black empowerment in Bulawayo last week, Kasukuwere singled out ZimPlats as a company that is resisting to comply with the regulations.

“Foreign-owned companies are very arrogant, especially mining firms. If they don’t want to give us 51% shareholding under the black empowerment regulations, they should quit now and go back to their countries,” Kasukuwere told delegates.

“The Chinese and the Indians are waiting to come in. Zimplats and other foreign-owned companies and mining firms should go back to Australia and their countries.
“We are capable of running our businesses and the whites should never think that we will fail to run thebusinesses that we take over.”
ZimPlats, the country’s largest platinum extractor, is under pressure from politicians clamouring for a stake in the company.

Kasukuwere warned foreign-owned firms against taking legal action against his ministry for grabbing their shareholding under black empowerment laws.
“You can take us to court but you will never win,” Kasukuwere noted.

Early this month, the Affirmative Action Group (AAG) said white-owned companies were deliberately closing companies to avoid being taken over under the black empowerment regulations.

President Mugabe has vowed to forge ahead with plans to hand over 51% of shareholding of white- owned companies to blacks to enable locals to own the country’s resources.

Speaking at the launch of the anti-sanctions campaign recently, Mugabe urged party supporters to seize foreign-owned companies as a way of pushing the West to remove sanctions slapped on him and his close allies.

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