South Africa

Zimbabwe: Ultimatum for Foreign Shop Owners

By  | 

The government has given all foreign business owners operating in reserved sectors of the economy one month to comply with the Indigenisation and Economic Empowerment Act or face prosecution.

Foreign shop owners have once again been threatened with prosecution if they do not comply with Zimbabwe's indigenisation laws by the end of this year, being told to relinquish their businesses or be jailed.

This latest ultimatum was voiced by the Secretary for Youth, Indigenisation and Economic Empowerment George Magosvongwe who told a parliamentary committee meeting on Thursday that the foreigners who defied the law would be prosecuted.

"I confirm that some non-indigenous entities are still operating in the reserved sectors and there is a deadline (of) January 1 for them to comply with the requirement to relinquish their holdings in that sector… and we are putting in place measures for enforcement in the event that they do not comply," said Magosvongwe.

Magosvongwe also said that the ZANU PF government was in the process of identifying indigenous Zimbabweans who would take over ownership of those businesses in the particular sectors.

Under the country's Indigenisation and Economic Empowerment Act, foreigners operating in the 'reserved sector' are not welcome, with the law making it mandatory for the business owners to produce compliance certificates. The certificates are only eligible for indigenous Zimbabweans.


Read full article

You must be logged in to post a comment Login

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.