HomeLocal NewsIndigenisation ‘double dippers’ to be exposed

Indigenisation ‘double dippers’ to be exposed

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Deputy Minister of Youth Development, Indigenisation and Empowerment, Tongai Matutu, said his ministry was drafting a database to expose local businessmen involved in double-dipping in the country’s indigenisation drive.

Matutu told NewsDay last week a list of beneficiaries would be published to guard against multiple beneficiations from all sectors of the economy by individuals.

He said the ministry was determined to know the owners of business enterprises acquired under the controversial black empowerment drive in Zimbabwe.

“We have records of individuals that submitted documentation to acquire shares in some entities. That would help us identify people who intend to benefit in more than one economic sector,” said Matutu.

The indigenisation campaign has caused panic within the international business sector amid fears the programme was tantamount to expropriation.

Last month, the ministry said 173 companies had submitted indigenisation proposals in a bid to beat the deadline which is three months away.

Some of the companies include Anglo American Corporation, Rio Tinto and Mwana Africa.

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