LAFARGE Cement was yesterday quizzed by the Parliamentary Portfolio Committee on Youth and Indigenisation over failure to meet the December 2015 indigenisation compliance deadline.
by VENERANDA LANGA
The company’s chief executive officer, Amal Tantawi, told the committee, chaired by Gokwe Nembudziya MP Justice Mayor Wadyajena, that indigenous partners currently owned 24,9% shares, while Lafarge had the remaining 75%.
“We are in the process of implementation of indigenisation,” she said.
Lafarge’s plan was also to contribute 10% to community share ownership trusts (CSOTs), 7% to employee ownership trusts, and 10% to the National Indigenisation and Economic Empowerment Board.
Company lawyer Munyaradzi Nzarayapenga said Lafarge’s indigenisation plan was at an advanced stage with three CSOTs — Mabvuku-Tafara, Uzumba-Maramba-Pfungwe and Goromonzi — having benefited to the tune of $1 068 000. He said $500 000 was put into corporate social responsibility projects.
Lafarge said the Mabvuku-Tafara CSOT was paid $333 000, Uzumba-Maramba-Pfungwe $401 000 and Goromonzi $333 000.
Tantawi also denied any relationship between Lafarge and Brainworks Capital.