LATEST: Zhuwao warns foreign companies | The Herald March 23, 2016
Innocent Ruwende Senior Reporter
GOVERNMENT has given foreign owned companies up to the end of this month to comply with the country’s indigenisation laws or have their licences revoked.
This comes after foreign owned companies spurned Government’s offer to contribute 10 percent of their annual earnings to the empowerment levy.
Addressing a press conference in Harare today, Youth, Indigenisation and Economic Empowerment Minister Patrick Zhuwao said Cabinet on Tuesday unanimously passed a resolution directing that from April 1 this year all line ministries proceed to issue orders to cancel licences of non-compliant businesses within their respective sectors of the economy.
“It is March 23, 2016, three months into 2016 and businesses have continued to disregard Zimbabwe’s indigenization laws as if daring our President and his Government to do something about their contemptuous behaviour.”
Details to follow…