Saviour Kasukuwere, Youth Development, Indigenisation and Empowerment minister said on Tuesday the empowerment legislation would first look at three critical areas — community share ownership trusts, employee ownership trusts and the Sovereign Wealth Fund.
This, he said, is designed to ensure that the programme achieves its objectives of empowering the masses.
“There were a number of groupings which existed before . . . from where we are in terms of indigenising the economy.
“The first step is to empower the communities. Those who are interested, as the programme unfolds, we will be looking at the situation, but as far as we are concerned, the three-layer strategy basically forms a uniform empowerment programme that we are undertaking as a ministry.”
The disclosure is a fresh setback for the outfit which has been struggling to buy the 15% stake after it won the bid to partner Zimplats in 2004.A cabinet committee gave the nod to Nkululeko ahead of Needgate and National Investment Trust. Alex Manungo, the outfit’s boss could not be reached for comment since Tuesday.
As part of the transaction, Nkululeko could have bought 13 390 423 ordinary shares at a price of A$3,47, which is 69% more than the share value on the Australian Stock Exchange (ASX).
However, despite getting the green light, the empowerment grouping has failed to execute the transaction after facing serious hurdles as government was offering conflicting statements.
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Then Mines minister Amos Midzi was pushing for the creation of a Special Purpose Vehicle to accommodate losing bidders, Needgate and National Investment Trust.
The process was also stalled after central bank chief, Gideon Gono, wrote to Zimplats imploring them not to proceed with the transaction.
Zimplats had written to Gono informing him that they were proceeding with the transaction in line with instructions from the Ministry of Mines.
Gono told Zimplats that the Reserve Bank was interested in the platinum industry “including the fact that we are now interested and mandated to examine all indigenisation programmes in that sector before they can be implemented”
Gono told Zimplats to comply with the new policy framework, “which seeks to consolidate growth in the sector in a transparent and investor friendly manner”.
According to the Indigenisation and Empowerment Act, locals must have at least 51% shareholding in all foreign-owned companies operating in Zimbabwe.
The ministry has already concluded discussions with major mining houses and will now move to the manufacturing and financial sectors.
Kasukuwere said after the launch of the Mhondoro-Ngezi Community Trust, similar schemes and employee share ownership trusts would be launched in the next two weeks.
