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Here is Mugabe’s strange reason of forcing foreign firms to sell 51% of their company to black Zimbabweans

Nairametrics by Nairametrics
April 8, 2015
in Uncategorized
Here is Mugabe’s strange reason of forcing foreign firms to sell 51% of their company to black Zimbabweans
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Zimbabwe’s President Robert Mugabe has cut a controversial figure for years now following his very hardline rhetoric and actions against white Zimbabweans. For example, he seized white owned commercial farms for redistribution to blacks. He also approved a law obliging foreign owned – firms including mines, to sell at least 51 percent of ownership to black Zimbabweans.

He was in South Africa for his first official state visit in over two decades and responded to questions about his hardline moves. Here is what he had to say;

“The capital that is aimed at mining for example, is drawing from my country a resource that cannot be replaced tomorrow, leaving holes in my country”.

“What we say therefore is we, who are owners of natural resources, must have at least have 51 percent of the earnings of that company and we allow the company 49 percent.”

 

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