It is a country on the brink of an economic meltdown, and the latest controversial reform could move Zimbabwe closer to the edge.
The new indigenisation law requires all companies valued at more than $500,000 to sell 51 per cent stakes to black Zimbabweans. Firms had until Sunday to comply.
Zimplats, the country's largest platinum mining company, along with British American Tobacco, Nestle, Cargill, Barclays and Standard Chartered Bank had all been given 14 days to hand over the majority share of their companies.
The government said on Monday that they are deciding how to deal with those who have failed to do so, having already rejected Standard Chartered's offer to cede 10 per cent.
But this final phase of what has been dubbed "economic emancipation" - a process which began over a decade ago - has left many in Zimbabwe uncomfortable.
Just what motivates these policies and what are their repercussions for the country's already battered economy?
Inside Story, with presenter Jane Dutton, discusses with Matlotleng Matlou, the chief executive of the Africa Institute of South Africa, and David Monyae, a political analyst.