{{Zimbabwe has given about 100 foreign companies a 14 day ultimatum to comply with its empowerment laws that force the firms to cede 51% of their stakes to locals.}}<\/p>\n
President Mugabe says the empowerment policies are meant to correct the imbalances created by the country\u2019s colonial past.<\/p>\n
According to a statement by the National Indigenisation and Economic Empowerment Board (NIEEB), the companies must get certificates to show that they have complied with the Indigenisation and Economic Empowerment Act laws.<\/p>\n
The board also gave foreigners running companies trading sectors of the economy reserved for locals such as the retail sector until January next year to comply with the regulations.<\/p>\n
\u201cNIEEB also reminds companies that are trading in the reserved sector of the economy to apply for certification before 1st January 2014,\u201d the board said.<\/p>\n
\u201cAny person who operates a business in the sectors prescribed under the Third Schedule without an indigenisation compliance certificate from 1st January 2014 shall be guilty of an offence and liable to a fine not exceeding level four or to imprisonment for a period not exceeding three months or to both such fine and such imprisonment.\u201d<\/p>\n
Following his controversial re-election in July, President Robert Mugabe has promised to press on with the empowerment policies, which have unsettled foreign investors.<\/p>\n
In its election manifesto, his Zanu PF said the empowerment policies would target over 1138 companies across 14 sectors of the economy.<\/p>\n
President Mugabe has also vowed to seize British and American companies in retaliation against the sanctions imposed on his family and close associates for alleged electoral fraud and a bad human rights record.<\/p>\n
A number of companies in the mining sector have since complied with the regulations.<\/p>\n","protected":false},"excerpt":{"rendered":"
{{Zimbabwe has given about 100 foreign companies a 14 day ultimatum to comply with its empowerment laws that force the firms to cede 51% of their stakes to locals.}} President Mugabe says the empowerment policies are meant to correct the imbalances created by the country\u2019s colonial past. According to a statement by the National Indigenisation […]<\/p>\n","protected":false},"author":1,"featured_media":2000048009,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[99],"byline":[170],"hashtag":[],"class_list":["post-10141","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-greatlakesnews","byline-igihe"],"bylines":[{"id":170,"name":"IGIHE","slug":"igihe","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":8}],"contributors":[{"id":170,"name":"IGIHE","slug":"igihe","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":8}],"featured_image":{"id":2000048009,"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/arton10141.jpg","alt":"","caption":"","mime_type":"image\/jpeg","width":0,"height":0,"sizes":{"thumbnail":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/arton10141.jpg","width":1,"height":1},"medium":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/arton10141.jpg","width":1,"height":1},"medium_large":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/arton10141.jpg","width":1,"height":1},"large":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/arton10141.jpg","width":1,"height":1},"full":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/arton10141.jpg","width":0,"height":0}}},"_links":{"self":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/10141","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/comments?post=10141"}],"version-history":[{"count":0,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/10141\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/media\/2000048009"}],"wp:attachment":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/media?parent=10141"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/categories?post=10141"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/tags?post=10141"},{"taxonomy":"byline","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/byline?post=10141"},{"taxonomy":"hashtag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/hashtag?post=10141"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}