via Companies rush to submit indigenisation applications – NewsDay Zimbabwe April 1, 2016
COMPANIES yet to comply with the Indigenisation Act were yesterday in a last minute rush to submit their applications to avert closure, NewsDay has established.
BY VICTORIA MTOMBA
National Indigenisation Economic Empowerment Board chief executive officer, Wilson Gwatiringa said yesterday many applications were still being processed.
“Information on the companies that have complied is being compiled. I am not in the office today. After the deadline we will have the figures. We have been busy with applications as companies are trying to comply,” he said.
The Zimbabwe Investment Authority (ZIA), which receive indigenisation applications before they were submitted to National Indigenisation and Economic Empowerment Board (NIEEB) was also overwhelmed with applications.
“We are receiving applications and people have been bringing in applications, and the numbers have been increasing. On my desk like now I have so many applications that need to be looked at,” ZIA chief executive officer Richard Mbaiwa said.
He said according to the General Notice 9 of 2016, companies submit their forms and if they were compliant, they were given clearance letters to take to the relevant ministries. If the companies were not compliant they have to go to NIEEB.
It was not yet clear how many companies had complied close of business yesterday.
The Indigenisation ministry said it did not have figures of firms that have complied as the respective line ministries were responsible for the processes.
Foreign-owned companies were given up to yesterday to comply with the Indigenisation law, failure of which their licences would be revoked.
Indigenisation and Economic Empowerment minister Patrick Zhuwao recently threatened to close non-compliant firms, warning that he would assist workers of the non compliant companies to take legal action against their owners and directors.