Economic Empowerment Board gives companies 14-day ultimatum

7
649

THE National Indigenisation and Economic Empowerment Board (NIEEB) has issued a 14-day ultimatum to about 100 companies to apply for certification or face being classified as non-compliant with the Indigenisation and Economic Empowerment Act.

REPORT BY SENIOR REPORTER

In a statement published yesterday, NIEEB urged all companies whose indigenisation plans were approved to apply for certification immediately.

NIEEB also published a list of companies that require certification within a fortnight.

“The Board is hereby advising all compliant companies that were approved by the Minister of Youth Development Indigenisation and Empowerment in terms of the Indigenisation and Economic Empowerment Act (Chapter 14:33) to immediately apply for certification,” NIEEB said.

“If any company listed below or any other that obtained approval from the Minister (of Youth, Development, Indigenisation and Empowerment Saviour Kasukuwere) does not apply for the certificate, the company faces risk of being classified as non-compliant with the Act.
Companies are urged to apply for the certificate within 14 days from the date of publication of this statement.”

Among the listed companies are Lifestyle Holdings, Art Holdings, Sunway City, Duly’s Holdings, Afre Corporation and PG Industries.

NIEEB said companies trading in the reserved sectors of the economy such as retail, had until January next year to comply.

“NIEEB also reminds companies that are trading in the reserved sector of the economy to apply for certification before 1st January 2014,” added NIEEB.

“Any person who operates a business in the sectors prescribed under the Third Schedule without an indigenisation compliance certificate from 1st January 2014 shall be guilty of an offence and liable to a fine not exceeding level four or to imprisonment for a period not exceeding three months or to both such fine and such imprisonment.”

Zimbabwe is currently implementing an empowerment policy spearheaded by President Robert Mugabe’s Zanu PF party requiring all foreign-owned firms to sell at least 51% shareholding to locals.

Zanu PF is targeting to indigenise over 1 138 companies across 14 sectors of the economy.

7 COMMENTS

  1. Ko akadzidza here Savior wacho? Some of those are listed companies! And the ZSE Act clearly stupulates quota limitations on foreign investment.

  2. Where are the Chinese companies on this list? Kasuku once said Chinese companies should be treated as indigenous. What a mess! A local Chinese? According to that law, even Zambian or south African or Nigerian companies are not indigenous companies. It is ridiculous that such laws are made just in order to protect certain companies which are affiliated to the chefs. I will say it and I have said it again, this project is fake, aiming at enriching the likes of those who are looting the country under the aged president who does not know anymore what his ministers and generals are doing to our country.

  3. its surprising that some company in gwanda has totally defrauded employees and this indeginization was a farce

  4. Why not licence ‘parallel’ companies which are 100% indigenous to compete with foreign? That will mean more jobs and also fast-tracking technology transfer because those with experience running foreign-owned companies will leave to run their own 100% indigenous owned.

Comments are closed.