Zanu (PF) takes aim at foreign companies

via Zanu (PF) takes aim at foreign companies | The Zimbabwean by Adrian Mutigwe

Zanu (PF) says it will reveal the full list of foreign-owned companies targeted for indigenisation before the end of the year. “Our promise to put the economy in the hands of black Zimbabweans will be brought to its logical conclusion sooner rather than later. We will continue to insist on nationalisation of all foreign-owned firms,” junior information director Psychology Maziwisa told The Zimbabwean in an exclusive interview.

He also parroted the baseless party line about non-existent sanctions – claiming “The illegal sanctions will continue to hamper our efforts and slow-down the impetus the indigenisation crusade was supposed to provide to the economy,” Maziwisa said.

Asked how the party planned to create the jobs it promised during its election campaign, Maziwisa said “We promised to raise $7.3 billion and that is what we are going to do. Sanctions or no sanctions we will have to deliver on our promise and I can assure you by December we will have the full list of companies that are up for expropriation. All foreign firms will have to comply with the law.”

In the Zanu (PF) manifesto, President Robert Mugabe promised to raise $7,3 billion through indigenisation of 1,138 companies across 14 key sectors of the economy to enable him to create 2,265 million jobs in the next five years.

Titled “Taking Back the Economy” the indigenisation crusade “seeks to enforce the transfer to local entities of at least 51 per-cent controlling equity in all existing foreign owned businesses.”

Critics have argued that the expropriation of companies has led to investor flight while those that have been waiting in the wings have since recoiled. Two months after reclaiming a Parliamentary majority Zanu (PF) is yet to show any sign of how it will tackle the economic malaise with all indications pointing to a rapid descent into another meltdown.

A day after results confirmed Mugabe would extend his 33-year stranglehold on power, Zimbabwe’s stock market index fell 11 per-cent to 205.57 points in the mid-morning session, with all top-10 shares, except the local unit of insurance giant Old Mutual, trading in the red. Recovery from this initial shock has been nothing but sluggish according to economists.

A number of mining companies, including conglomerate Zimplats, Unki, Mimosa and the diamond mining companies have complied with the indigenisation law, while the finance, commercial and tourism sectors remain on edge.



  • comment-avatar
    maisokwazo 11 years ago

    Go Mugabe. Go grab them. Go reap where you did not sow. Go reap bountifully just as you reaped bountifully from a struggle you usurped. Where is Tongo, Go reap and reap more.

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    manyarara 11 years ago

    Varume the only people suffering is employees .More suffering to employees.

  • comment-avatar
    Lindy Forster 11 years ago

    Forgive him he no not what he doith.He is surrounded by Morons including Disgrace the “Last Lady”.Sorry guys just get on the bus!!!!

  • comment-avatar
    Tiger Shona 11 years ago

    Now you can see why investors will not put there money in Zimbabwe.

  • comment-avatar
    Terry Hwesa 11 years ago

    Zim Asset Strip! Lol

  • comment-avatar
    Sekuru Mapenga 11 years ago

    Maybe a strategy to grow the economy, operating way below capacity and demand, might be a little smarter?

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    There is not a single african leader that does not quietly condone this. What would zanupf anc etc do to make money if they lost elections when all they need to do is dip their grubby black hands into the cookie jar.

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    Nyoni 11 years ago

    History sure does repeat itself. First they used the Whites to dispose of Lobengula. Then used father Zimbabwe to fight the Whites . Let the Whites build the country and guess what . Take all that back from them. Obviously we know what will be next.

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    Zvichapera 11 years ago

    Digging graves for Zimbabwe, that’s what Zanu PF is now doing, its now just a matter of time before the country is on its knees again like in 2008. Really no surprises why inflation has already started to climb.

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    tundie ramukati 11 years ago

    So the information ministry is now hearded by ma Ngotshani?

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    MikeH 11 years ago

    “nationalisation of all foreign-owned firms” ….. yep! go ahead mugabe&co and see where it gets the country !!! O! but I forgot, you don’t give a f*ck about what happens to the country A!

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    Mugarbage 11 years ago

    Well done Zanu-PooFtas, more corruption to the people. Yes you are 100% right, you are indeed putting the economy into black hands, unfortunately only corrupt Zanoid hands. Very sad. They preach of prosperity for black zimbabweans but they are just sugar coating verbal poison. Zimbabwe is heading into the abyss not prosperity. Africa is doomed for ever as long as there are corrupt b*stards like Robert GAYboy Mugarbage and his gang of thieves. Stealing from the poor to give to the rich. Raping the land for their own ill gotten gains. They will all surely rot in hell for eternity.

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    tophaevy 11 years ago

    Mark, if only you were not outright racist by associating black with all ills, then I could spare some sympathy for you.
    You whites are not as clean as you want all to think. A classic example is what’s going on at National Foods.
    1. The southern region had a black executive who steered the company exceptionally well, but was replaced by a white man Nigel Weller whose position was not even internally advertised for fear this roddie would be pipped to the post but well schooled blacks. Its even said this Weller is married to the sister of a top official at Stirling Road, the Natfoods HQ.
    2. Black contractors are now being replaced by white skinned ones and the trick is to front their companies with blacks to disguise their ownership of the companies. Indigenous tuckers are going to be replaced by Truck Africa, a wholly owned white company and Halsteds Brothers is earmarked to provide all hardware merchandise from South Africa at the expense of black suppliers.
    There is nothing wrong with foreign ownership of companies, but does it make it right to systematically exclude the black player in this economic game?
    Maybe to some black folk, it is better to have a white boss than a black one, even if a black boss pays well enough.
    I shall never hesitate to point out anomalies like what we are witnessing at National Foods as long as these wrongs are not made right.