Deadline for Zimbabwe’s controversial corporate indigenization plan passes
- President Robert Mugabe has pushed a contentious plan to have all companies operating in Zimbabwe—including major multinational corporations—comply with a 2008 law to transfer majority shares to black Zimbabweans to “indigenize” their local firms.
- The plan was conceived as a corrective to colonial-era economic exclusion and is a follow-up to the ongoing land reform program that has transferred farm ownership from white to black Zimbabweans.
- It is unclear how many companies, faced with the revocation of their operating licenses, have complied to date, and many concerned that the program discourages foreign direct investment.
“Zimbabwe deadline for firms to be black-owned passes” (BBC)
“Zimbabwe says foreign banks, miners fail to comply on selling stakes to locals” (Reuters)
“Zimbabwe: Diamond firms comply with indigenization law” (Deutsche Welle)