Sunday, March 09, 2008

Mugabe Forcing Foreign Companies to Be Locally Owned

Mugabe continues his effort to destroy his country. 

Zimbabwe’s President Robert Mugabe has approved legislation giving local owners the right to take a majority share of foreign companies.

Mr Mugabe’s formal approval of the Indigenisation and Economic Empowerment Bill comes three weeks ahead of his country’s presidential elections.

Under the legislation, every company must have at least 51% of their shares owned by black Zimbabweans.

If not, the government will block new investment, mergers or restructuring.

The new law means some of the country’s biggest businesses - such as the mining giant, Rio Tinto, and Barclays Bank - will have to find local partners.

(2) Comments
Posted by Owen at 1844 hrs
Foreign Affairs

  1. Owen,

    Ask yourself, how many Democrats in Wisconsin would love to pull this off?  Given his rhetoric (and this isn’t me being me), Kagen will be taking notes on how to pull this off.  The entire party’s trade policy is becoming so xenophobic that we’re nearly at 1920s level of protectionism.

    Unions think that with NAFTA and other trade agencies gone, they can return to the ‘glory days’ of the 1950s.  All they’ll be doing is ensuring more people are without work.  Amazing how the party promising “The Politics of the Future” keeps looking to an economic era long in the Past.

    Posted by .(JavaScript must be enabled to view this email address) on March 09, 2008 at 1945 hrs


  2. I am shocked that the developing countries of the world no longer want to bend over for the American multinationals!

    What is this world coming too?

    Posted by .(JavaScript must be enabled to view this email address) on March 10, 2008 at 2344 hrs


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