Zimbabwe 'localises' foreign firms
September 26, 2007
This is something straight out of Atlas Shrugged. *shakes head* For localise, read pillage, steal and nationalise:
Zimbabwe's ruling party has pushed a bill through parliament giving local owners majority control of foreign-owned companies including mines and banks.
The ZANU-PF party led by Robert Mugabe, the president, pushed through the bill on Wednesday after members of the main opposition Movement for Democratic Change (MDC) walked out in protest.
Analysts say the move could drive the country's fragile economy deeper into crisis.
The bill proposes handing indigenous black Zimbabweans a stake of at least 51 per cent in "every business that is being transferred, merged, restructured, unbundled or demerged and in any new investments".
Read the rest here:
http://mwcnews.net/content/view/17014/0/
Zimbabwe's ruling party has pushed a bill through parliament giving local owners majority control of foreign-owned companies including mines and banks.
The ZANU-PF party led by Robert Mugabe, the president, pushed through the bill on Wednesday after members of the main opposition Movement for Democratic Change (MDC) walked out in protest.
Analysts say the move could drive the country's fragile economy deeper into crisis.
The bill proposes handing indigenous black Zimbabweans a stake of at least 51 per cent in "every business that is being transferred, merged, restructured, unbundled or demerged and in any new investments".
Read the rest here:
http://mwcnews.net/content/view/17014/0/