Bloomberg the Company

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Follow Us

Industry Products

Zimbabwe Empowerment Minister Censured on Decrees, Gazette Says

Don't Miss Out —
Follow us on:

July 26 (Bloomberg) -- 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.

Kasukuwere, who wrote the Indigenization and Empowerment Act, subsequently decreed that foreign and white Zimbabwean-owned companies must dispose of 51 percent of their shares to “designated entities,” the Harare-based weekly said on its website. Kasukuwere’s definition of a designated entity isn’t constitutional because it doesn’t allow businesses to choose their partners, the Financial Gazette said.

The newspaper didn’t say what action, if any, would be taken against Kasukuwere.

To contact the reporter on this story: Brian Latham in Harare, Zimbabwe at blatham@bloomberg.net.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.