Zimbabwe to soften controversial foreign company law

Zimbabwe to soften controversial foreign company law
Published: 2016 October 07 08:13:53 (8347 Views)
Zimbabwean President Robert Mugabe has announced plans to water down a law obliging foreign companies to hand over most of their shares to black Zimbabweans.

The "indigenisation law" has been blamed for choking off investment.

It has never been fully implemented and Mr Mugabe has previously said many sectors of the economy are exempt.

But it has been widely criticised, including by the IMF, for contributing to the collapse of the economy.



In March, Zimbabwe threatened to close all companies that failed to comply with the legislation, which was passed in 2008, before later saying banks would be exempt.

The government says the aim of the law is to empower the majority black population who were disadvantaged by colonial rule but critics say it has benefited Mr Mugabe's allies.

Speaking at the opening of parliament, Mr Mugabe also said the government would debate a bill on cybercrime.

Political activists say this could be used against opposition supporters using social media as a way of circumventing security laws banning gatherings without police permission.

There have been a number of protests against the government in recent months, largely because of the worsening economic situation.




Source - BBC

 0

You May Like These Videos

Comments

| Comment With Facebook Submit

There are no comments.

News Big Reads

Bird Box finally unveils unknown monsters

by Metro | 2019 January 06 00:20:32 | 7146 Views

Man in critical condition after 'blowing himself up while trying to raid ATM'

by June Mpofu | 2018 December 11 19:39:39 | 16843 Views

Murder suspect pretending to be mute loses voice from underuse

by June Mpofu | 2018 December 11 19:39:46 | 13039 Views

Harrods accidentally sold £1,000 bags for less than £10

by June Mpofu | 2017 December 16 15:42:54 | 12832 Views

Rapper 'whips out' manhood on Instagram

by June Mpofu | 2017 October 31 08:36:03 | 14482 Views

Woman raped in the street as people walk past

by June Mpofu | 2017 October 27 22:04:42 | 15081 Views

Student who inhaled 360 laughing gas canisters in a week may never walk again

by June Mpofu | 2017 October 20 08:05:52 | 14834 Views

Poet tweets that she was raped by SA musician

by Hope Freedom | 2017 October 07 23:02:51 | 15375 Views

Dog bites off chunk of woman's face

by June Mpofu | 2017 September 23 09:04:56 | 14309 Views

Man jailed after tricking children into abusing young relatives

by Prince Cox | 2017 September 06 08:00:14 | 15623 Views

'I gave lift to a ghost' says taxi driver

by June Mpofu | 2017 September 04 18:39:39 | 31068 Views

Son 'stabbed mum to death and ate her heart with a side of chutney'

by June Mpofu | 2017 September 01 20:10:25 | 16276 Views

'Cannibal tired of eating human flesh' hands himself in

by June Mpofu | 2017 August 24 07:59:37 | 14660 Views

Man cut off pregnant girlfriend's nipples with a pair of scissors

by June Mpofu | 2017 August 20 10:24:38 | 15922 Views

Pregnant woman murdered in 'satanic ritual'

by June Mpofu | 2017 August 20 01:27:16 | 16849 Views

No diplomatic immunity for Grace Mugabe after 'splitting open model's head'

by Hope Freedom | 2017 August 15 08:30:38 | 19797 Views

8-year-old dies after cousin dares her to drink boiling water through straw

by June Mpofu | 2017 August 05 10:10:31 | 16652 Views

Girl, 14, was raped twice in one night by different men

by June Mpofu | 2017 July 29 17:06:36 | 16100 Views

Girl, 10, told she can't have abortion after being raped by uncle

by Hope Freedom | 2017 July 22 16:54:59 | 16697 Views

Obsessive woman chases police car helping boyfriend escape her

by June Mpofu | 2017 July 15 21:27:10 | 13526 Views

Man hijacked while peeing

by June Mpofu | 2017 July 08 10:46:55 | 19944 Views

Disabled woman tied to tractor and beaten to death by mob

by Hope Freedom | 2017 July 03 23:10:47 | 20828 Views

Man spends 5 years renovating boat, it sinks as soon as it goes on water

by June Mpofu | 2017 June 30 22:42:43 | 13528 Views

Woman paralysed after having sex

by June Mpofu | 2017 June 26 21:03:25 | 16100 Views

Woman cuts off boyfriend's privates 'after he refused to marry her'

by Prince Cox | 2017 June 24 20:36:31 | 20822 Views

Cancer patient charged with plotting to kill doctors

by June Mpofu | 2017 June 08 09:57:59 | 14445 Views

Former Premier League star dies after collapsing in training

by June Mpofu | 2017 June 05 18:08:44 | 20936 Views

Mugabe 'will decide who goes to heaven' says Zanu-PF youth leader

by June Mpofu | 2017 June 03 09:04:32 | 14677 Views

Daughter had sex with father to stop him from marrying fiancee

by June Mpofu | 2017 June 01 17:52:29 | 15869 Views

Man splits from wife who raped him as boy

by June Mpofu | 2017 May 31 11:53:24 | 18122 Views

Human head trial set to go ahead after delay

by June Mpofu | 2017 May 30 21:23:34 | 14480 Views

American girl, 11, forced to marry rapist

by June Mpofu | 2017 May 29 14:28:03 | 16581 Views

Fed up residents hold Mayor hostage

by June Mpofu | 2017 May 25 08:51:43 | 15299 Views

Homeless hero who pulled nails out of children's faces is given a home

by Prince Cox | 2017 May 24 20:11:55 | 15892 Views

Heartbroken wife dies after husband's mistress sent her indecent pictures

by Prince Cox | 2017 May 22 08:35:57 | 36627 Views

Father jailed after raping daughter for 20 years

by Hope Freedom | 2017 May 20 09:51:11 | 18023 Views

Driver miraculously unharmed after lorry completely crushes his BMW

by June Mpofu | 2017 May 20 09:59:37 | 14327 Views

Saddam Hussain arrested for pretending to be Osama Bin Laden

by June Mpofu | 2017 May 16 23:42:36 | 13844 Views

Student left with painful scars after tattoo removal goes wrong

by June Mpofu | 2017 May 15 20:45:37 | 17551 Views

Three people die of Ebola in the Democratic Republic of Congo

by June Mpofu | 2017 May 12 15:31:35 | 14678 Views

'Shoplifter' bleeds to death after falling on 'stolen' bottles

by June Mpofu | 2017 May 09 21:49:08 | 17752 Views

82 Chibok schoolgirls freed by Boko Haram

by June Mpofu | 2017 May 07 09:19:48 | 35293 Views

Woman arrested after biting love rival's privates

by June Mpofu | 2017 May 06 19:03:59 | 14065 Views