HARARE, Zimbabwe - Zimbabwe's black empowerment minister says he won't order a new wave of business seizures without giving proper compensation.
Minister Saviour Kasukuwere said Wednesday reports that ignited alarm in the nation's foreign and white-owned businesses that shares were to be seized without payment were “misleading and misguided.”
Empowerment laws passed in 2007 require that 51 percent of shareholding of foreign and white-owned companies be given to black Zimbabweans. The law has seen major industries and mining enterprises yield to black control under buy-out arrangements. The laws define Zimbabwe-born whites as not being “indigenous” citizens
Kasukuwere said the government is “engaging companies to bring them in line” with national laws, and when seizing businesses it will meet laws to pay the shares. - Sapa-AP