Zimbabwe's government has given foreign companies including miners and banks a 14-day ultimatum to submit plans on how they propose to transfer majority stakes to local owners or risk losing permits, state media reported on Friday.
But central bank governor Gideon Gono immediately issued a statement criticising the announcement, saying it had created panic in the financial sector and risked halting the country's fragile economic recovery.
The targeted firms include platinum miners Zimplats, which is majority owned by Impala Platinum (Implats), and Mimosa, an Implats' 50-50 joint venture with Aquarius Platinum.
Others include Rio Tinto's Murowa diamond mine, British American Tobacco and local units of British banks, Standard Chartered and Barclays.
Indigenisation and empowerment minister Saviour Kasukuwere wrote to the companies on July 28, informing them they had failed to provide acceptable details of how they propose to transfer 51 percent shareholdings to local people within the five years stipulated by law, the state-controlled Herald newspaper said.
Source : New Age
