Zimbabwean Indigenization Minister Saviour Kasukuwere’s assertion that a sovereign wealth fund created from stakes ceded by foreign-owned companies is worth $4 billion was questioned by economists who said the announcement may be aimed at securing votes ahead of elections.
Zimbabwe may cancel business licenses held by foreign-owned companies if they don’t comply with a requirement to cede 51 percent ownership to black Zimbabweans, Empowerment Minister Saviour Kasukuwere said.
Impala Platinum Holdings Ltd.’s Zimbabwean unit, known as Zimplats, has failed to meet new laws on asset ownership and may have its mining license revoked, according to Indigenization Minister Saviour Kasukuwere.
Zimbabwe, which is compelling foreign-owned companies to cede control of their businesses to black citizens of the country, plans to establish a sovereign wealth fund that will hold stakes in mining companies.
Zimbabwean Indigenization Minister Saviour Kasukuwere said he will meet Barclays Africa Chief Executive Officer Kennedy Bungane about plans by the lender’s local unit to sell a majority stake to black citizens by June.
Zimbabwe’s indigenization and black empowerment minister Saviour Kasukuwere was censured by the parliamentary legal committee for publishing decrees that are unconstitutional, the Financial Gazette said.
Mimosa Mining, a Zimbabwean joint venture between Aquarius Platinum Ltd. and Impala Platinum Holdings Ltd., transferred a 10 percent stake to the community, said Saviour Kasukuwere, the empowerment minister.