“(The) Politburo has endorsed the Empowerment Regulations,” Zanu-PF secretary for information Rugare Gumbo said after the 230th Ordinary Session of the Politburo.
Gumbo said the regulations were not a new phenomenon in Sadc as other countries in the region had embarked on similar empowerment drives.
Prime Minister Morgan Tsvangirai has opposed the regulations, saying the law’s regulations were not cleared by cabinet.
The regulations require that all existing businesses with a threshold of US$500 000 should within 45 days —from March 1, 2010 — declare their shareholding status to the Indigenisation and Economic Empowerment Minister through a prescribed form. New businesses will be required to comply within 60 days.
Businesses that do not meet the 51 percent indigenisation requirement will be expected to submit a plan on how they intend to meet the requirements within 45 days from March 1. Those with acceptable reasons will be afforded an extension not exceeding 30 days to furnish the authorities with their indigenisation implementation plans.