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Zimbabwe Prepares Law to Seize Company Stakes Without Paying

The government in Zimbabwe, which has the world’s second-biggest platinum deposits, is preparing a law allowing it to seize controlling stakes in companies without compensation, according to a draft of the legislation.

The law would be an amendment to a 2007 act that compels foreign and white-owned companies such as Rio Tinto Group, Sinosteel Corp. and Impala Platinum Holding Ltd. to sell or cede 51 percent of their shares to black nationals or state-approved agencies. The current law also affects banks including Barclays Plc and Standard Chartered Plc.