Zimbabwe Audits Companies on Meeting Black Ownership Targets

  • Government plans to set up database on ownership compliance
  • Some companies haven't met obligations: deputy minister

Zimbabwe’s government started an audit to see whether foreign and white-owned companies are complying with an almost decade-old law requiring them to sell or cede 51 percent ownership to black citizens.

“We’re now in the process of checking which companies are in full compliance of our indigenization policy and will come up with a database of these companies,” Mathias Tongofa, the deputy indigenization and empowerment minister, told lawmakers late Wednesday in Harare, the capital.

“Many” foreign and white-owned companies submitted proposals to meet the requirement and failed to act on them “despite the fact that we gave them more than five years to comply,” he said.

Foreign miners such as Zimplats Ltd., Anglo Platinum Ltd. and Aquarius Platinum Ltd. met their empowerment obligations as early as 2014.

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