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Zimbabwe's Mugabe plans 'final phase' of black ownership plan
Source: Reuters
Zimbabwe's Mugabe plans 'final phase' of black ownership plan
By Cris Chinaka
HARARE | Tue Aug 13, 2013 10:31am EDT
(Reuters) - Zimbabwe's President Robert Mugabe said on Tuesday he saw his victory in last month's election as a mandate for "total" application of policies forcing foreign-owned firms to sell majority stakes to local investors.
Addressing a Defence Forces Day rally, Africa's oldest leader at 89, maintained a belligerent defence of his re-election on July 31, which is being challenged in court as fraudulent by his main political rival, Morgan Tsvangirai.
[font size=1]-snip-[/font]
His so-called "indigenization" policy seeks to redistribute wealth by forcing foreign-owned firms to sell at least 51 percent to black Zimbabweans.
The local operations of the world's two largest platinum producers, Anglo American Platinum and Impala Platinum Holdings, have already been targeted by this policy, and foreign-owned banks are also seen as likely targets.
[font size=1]-snip-[/font]
By Cris Chinaka
HARARE | Tue Aug 13, 2013 10:31am EDT
(Reuters) - Zimbabwe's President Robert Mugabe said on Tuesday he saw his victory in last month's election as a mandate for "total" application of policies forcing foreign-owned firms to sell majority stakes to local investors.
Addressing a Defence Forces Day rally, Africa's oldest leader at 89, maintained a belligerent defence of his re-election on July 31, which is being challenged in court as fraudulent by his main political rival, Morgan Tsvangirai.
[font size=1]-snip-[/font]
His so-called "indigenization" policy seeks to redistribute wealth by forcing foreign-owned firms to sell at least 51 percent to black Zimbabweans.
The local operations of the world's two largest platinum producers, Anglo American Platinum and Impala Platinum Holdings, have already been targeted by this policy, and foreign-owned banks are also seen as likely targets.
[font size=1]-snip-[/font]
Read more: http://www.reuters.com/article/2013/08/13/us-zimbabwe-election-idUSBRE97C0IS20130813