Zimplats Agrees To Give Away 51 Percent Shares To Government

The move by Zimplats ends months of disagreements between the company and Indigenisation minister Saviour Kasukuwere who threatened to take over the company if they fail to submit their plan to meet indigenisation regulations this week.
 
Implats chairperson Khotso Mokhele, Implats CEO David Brown and company senior officials met Kasukuwere at his Mkwati building office were they handed their plan to meet the indigenisation laws.
 
“Following a meeting between the Minister of Youth Development Indigenisation and Empowerment, the chairman of Implats directors and CEO of Implats, the new Zimplats Indigenisation implementation plan that was presented to the minister meets the minimum requirements of indigenisation and economic empowerment Act,” Kasukuwere read a joint statement.
 
“The details of the transfer of 51% shareholding in Zimplats,comprising 10% shares to community, 10% share to employees and 31 % to the National Indigenisation and Economic Empowerment Fund (NIEEF) will be addressed by a joint technical team comprising Zimplats, the Ministry responsible for indigenisation and the NIEEB, but will be at appropriate value.”
 
A war of words erupted in the media between Kasukuwere and Implats officials over the company’s failure to submit their indigenisation plans to a law that is being driven by President Robert Mugabe’s Zanu PF officials.
 
The indigenisation law, analysts have said it will scare the much wanted investment in the country which has been strugling to grow its economy and bring jobs to millions of people who are unemployed.
 
However Mugabe has threatened that they will take over companies that do not submit their indigenisation plans for implementation.
 
Prime Minister Morgan Tsvangirai on Tuesday bemoaned that mixed statements on the indigenisation policy adding that the country is not planning to nationalise foreign companies.
 
“Let me state quite clearly that as Government, we have no policy to nationalise any enterprises and this has been the position since 1980,” Tsvangirai said in parliament.

“It was clear from the discussions with investors (at an investment conference in South Africa) that our toxic politics and mixed messages from the same Government will remain a major impediment in efforts to bring and lure meaningful investment to Zimbabwe. Mr Speaker Sir, we are sometimes our own worst enemy because of the mixed signals that emanate from within the executive. “