Zimbabwe law targets foreign businesses

New legislation forces foreign companies to give a majority of shares to black Zimbabweans.

    Zimbabwe is moving ahead with a new "indigenisation" law, known as the National Community Trust, which will force foreign companies to hand 51 per cent of shares to black Zimbabweans.

    Impala Platinum, a South African-owned company, has already agreed to turn over a 10 per cent of its stake in its Zimbabwean Zimplats operation. In September the government threatened to take away the company's licence to mine the world's second largest platinum reserves.

    More companies are expected to follow but some fear that the law is a plan to help strengthen President Robert Mugabe's hold on the country ahead of possible elections in 2012.

    Al Jazeera's Haru Mutasa reports from Selous, Zimbabwe.

    SOURCE: Al Jazeera


    YOU MIGHT ALSO LIKE

    'Money can't buy us': Mapping Canada's oil pipeline battle

    'Money can't buy us': Mapping Canada's oil pipeline battle

    We travel more than 2,000km and visit communities along the route of the oil pipeline that cuts across Indigenous land.

    Women under ISIL: The wives

    Women under ISIL: The wives

    Women married to ISIL fighters share accounts of being made to watch executions and strap explosives to other women.

    Diplomats for sale: How an ambassadorship was bought and lost

    Diplomats for sale: How an ambassadorship was bought and lost

    The story of Ali Reza Monfared, the Iranian who tried to buy diplomatic immunity after embezzling millions of dollars.