HomeNews‘No immediate plans to amend indigenisation’

‘No immediate plans to amend indigenisation’

-

INDIGENISATION and Economic Empowerment minister Saviour Kasukuwere says government has no immediate plans to amend Indigenisation and Economic Empowerment regulations.

Report by Tarisai Mandizha/ Moses Matenga

His remarks followed reports that the Indigenisation and Economic Empowerment legislation, which compels foreign-owned companies operating in the country to surrender 51% equity to locals, was being amended, a development that was likely to scare investors.

“The Youth Development, Indigenisation and Economic Empowerment ministry has not changed this legislation framework and any reports to the contrary are misleading and misguided,” Kasukuwere told journalists in Harare yesterday.

He said implementation of the programme would continue to be guided by the Indigenisation and Economic Empowerment Act (Chapter 14:33), Statutory Instrument 21 of 2010 as amended, general notices Number 114 and 459 of 2011 and general notice 280 of 2012.

“As the minister responsible l have the delegated responsibility to make regulations in the interest of achieving the government policy on indigenisation and economic empowerment, which l deem necessary as my ministry continues to implement, monitor and evaluate the programme,” said Kasukuwere.

He added that Section 21 of the legislation gives the minister power after consultations with the National Indigenisation and Economic Empowerment Board to make regulations which further the achievement of the 51% indigenous shareholding requirements.

“We are engaging with the companies to make sure they are in line with the requirement of the country. The programme is very specific that all regulations must be sought,” he said

He added that the ministry continues to engage the major mining companies on the basis of the term sheets which were signed in 2012 and as previously stated, the term sheets were non- binding and were subject to negotiation and approval by the relevant authorities. Kasukuwere said he will not relent to machinations by elements who have been leaking information with a view to destabilise the programme.

“Some elements are at the centre of leaking a lot of unfortunate detail to the Press. What I can say is we will not relent to give people their God-given resources and no one will change the course of the programme.”

Recent Posts

Stories you will enjoy

Recommended reading