ANNOUNCEMENT 01 Mar 2010In March 2010, the government of Zimbabwe announced changed rules for foreign investors.
NUMBER OF INTERVENTIONS
Banya N. 2009. 'Zimbabwe proposes local ownership of foreign firms.' Reuters Africa. November 6. http://af.reuters.com/article/topNews/idAFJOE5A505020091106?pageNumber=1&virtualBrandChannel=0
UNCTAD report (in English), http://unctad.org/en/Docs/webdiaeia20115_en.pdf
BBC News, March 1st, 2010: http://news.bbc.co.uk/2/hi/business/8542966.stm
The Zimbabwean government is said to be contemplating a 51% 'indigenous Zimbabwean' ownership of all foreign companies (with an asset value of above US$500,000) including mines and banks in a legislation prepared by the Ministry of Youth Development, Indigenisation and Empowerment.
The implementation of the Indigenisation and Economic Empowerment Act requires allnonindigenous mining businesses to submit an indigenisation implementation plan to the Minister within 45 days of the date of the notice. Such plans, once approved by the Minister, must be implemented within six months of the date of the notice.