Bloomberg News

Zimbabwe Must Give More Clarity on Empowerment Law, Bank Says

July 29, 2011

July 29 (Bloomberg) -- Zimbabwe’s government must give more clarity on how its indigenization law will be implemented, said John Mangudya, managing director of Commercial Bank of Zimbabwe Ltd.

“The law has caused uncertainty and to some extent de- industrialization in the country,” Mangudya said in a speech at a conference in Victoria Falls, northwestern Zimbabwe. “Businesses are not certain about the future.”

Banks will be the next priority, after mining, for the government’s drive to transfer majority ownership of foreign companies to Zimbabweans, Saviour Kasukuwere, the minister for indigenization, said yesterday. The government wants foreign companies to sell a majority stake in their assets in the country.

To contact the reporter on this story: Godfrey Marawanyika in Johannesburg at gmarawanyika@bloomberg.net

To contact the editor responsible for this story: Gordon Bell at gbell16@bloomberg.net


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