President Robert Mugabe is moving to transfer control of "public companies and any other business" to black Zimbabweans.

Under the terms of the Indigenisation and Economic Empowerment Bill, which is expected to be passed by parliament, indigenous black Zimbabweans will receive at least a 51 per cent share in the country's companies.

The bill defines indigenous Zimbabweans as those who were economically disadvantaged through racial discrimination prior to the country winning independence in 1980.

News of President Mugabe's intentions follows Mines Minister Amos Midzi's assertion that Zimbabwe is to assume control of strategic resource sectors, while local businesses will be given majority stakes in other sectors of the economy.

However, he also stated that international miners, such as Impala Platinum, may be given special consideration.

Responses to the bill have expressed disappointment at the proposed move and have opined that it will further exacerbate Zimbabwe's current economic struggles.

Sources:

Zim tables bill to localise company ownership, 25/06/07

http://www.iol.co.za/index.php?art_id=nw20070625121502438C259410

Mugabe seizes businesses, 26/06/7

http://www.timesonline.co.uk/tol/news/world/africa/article1985599.ece





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