Equity deadline for Zimbabwe foreign firms

Government decision awaited on multinationals who did not sell majority of shares to locals.

    The government of Zimbabwe will decide on Tuesday how to deal with foreign firms who will not sell the majority of their shares to locals.

    Multinationals in the country had until Sunday to submit their plans to comply with the Indigenisation and Empowerment Law.

    The government says it is about black empowerment, but critics call it cronyism. The state has already rejected Standard Chartered Bank's offer to cede 10 per cent of its shares to local blacks.

    Al Jazeera's Khadija Magardie reports.

    SOURCE: Agencies


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