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about the Zimbabwe’s Indigenisation and Economic Empowerment
Matyszak, Research and Advocacy Unit Zimbabwe
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and Economic Empowerment (General) Regulations, 2010, Gazetted
on the 29th January, 2010, with an effective date of 1st March 20101,
have generated heated debate. The proclaimed objective of the Regulations
is that every business with an asset value of or above $500 000
must, within five years, cede a controlling interest of not less
than 51% of the shares or interests therein to indigenous Zimbabweans
unless a lesser share, or longer period within which to achieve
the indigenisation, is justified.
Zimbabwean is defined in the enabling Act, the Indigenisation
and Economic Empowerment Act [Chapter 14:33] as:
who, before 18th April, 19803 was disadvantaged by unfair discrimination
on the grounds of his or her race, and any descendant of such
person, and includes any company, association, syndicate or partnership
of which indigenous Zimbabweans form the majority of members or
hold the controlling interest.
Given the racist
policies of the pre-independence governments, this definition would
exclude almost every white person and include every non-white person.
In short then, the proclaimed intention of the Regulations is that
all foreign-owned businesses and all businesses owned by white Zimbabweans
or permanent residents cede a controlling 51% share to black Zimbabweans.
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