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MUGABE/INDIGENISATION LAWBack
[Published: Thursday April 15 2010]

  

Mugabe denies company rule U-turn

Harare, 15 April-(ANA)-Zimbabwean President Robert Mugabe has denied that a controversial Zimbabwean law is to be shelved.

Mr Mugabe's comments contradict the Prime Minister, Morgan Tsvangirai -reflecting the rift in the uneasy coalition government.

The rules, which force companies valued at more than $500,000 (£324,000) to be majority-owned by "indigenous" people, were issued on 1 March.

This effectively ruled out ownership by white Zimbabweans or foreign firms.

President Mugabe said reports that the "indigenisation law" would be suspended were "completely false", and instead a cabinet committee was merely studying the law to improve it.

Indigenisation Minister Saviour Kasukuwere, a fellow member of the president's Zanu-PF party, also confirmed the law was going ahead.

Prime Minister Tsvangirai's office had said the rules were now "null and void" pending further consultations.

The apparent dispute highlights the continuing rift in Zimbabwe's coalition government between Mr Mugabe's Zanu-PF party and Mr Tsvangirai's Movement for Democratic Change.

The two parties have been in coalition together since February last year, under a governing agreement that ended decades of rule by Zanu-PF and that brought to an end political violence around the 2008 presidential election.

The country's stock market has fallen by 10% since the law's introduction, with mining shares losing 20%.

Analysts said the law had served to deter much-needed foreign investment in the country.(ANA)

FA/ANA/15 April 2010-------

 


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