Parly grills Lafarge over failure to comply with indigenisation law

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.

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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.

5 Responses to Parly grills Lafarge over failure to comply with indigenisation law

  1. sky February 12, 2016 at 12:18 pm #

    SA drafted a law that forced foreign security companies in the country to cede 51% ownership to locals. the US govt threatened sanctions and SA quickly re drafted the law and its still pending. Why: because its not progressive .- a company should operate in any location and retain ownership.

  2. Mukanya February 12, 2016 at 12:49 pm #

    Complying with Indigenisation law in Zimbabwe means retrenching and finally closing down or ceasing forth all operations in this doomed nation.

  3. Bona Matibili Malawi February 12, 2016 at 5:24 pm #

    Zanu pf “indeginised” SMM from Mutumwa Mawere. light years afterwards, the mines completely shut doors. Wkamboonepi nyioka inongoti zvese zvarotewa naMugabe vanhu votomuka vachinzi ndiyo govt policy,, mitemo yekuita fix vanhu yotogadzirwa. Ndezvechitororo in the bush izvi.

  4. Bona Matibili Malawi February 12, 2016 at 5:26 pm #

    Zanu pf “indeginised” SMM from Mutumwa Mawere. light years afterwards, the mines completely shut doors. Wakamboonepi nyika inongoti zvese zvarotwa naMugabe vanhu votomuka vachinzi ndiyo govt policy,, mitemo yekuita fix vanhu yotogadzirwa ipapo and pple lose their investments. Ndezvechitororo in the bush izvi. Chimbavha chaMugabe and his gang chawandisa! Good thing is Munangagwa will be chased like Mujuru in a few months, and fellow thieves. The new thieves…kasukuwere, jonathan, mzukuru Joao hazvitinetsi kudambura izvi.

  5. Angeline Munyeriwa February 13, 2016 at 12:14 pm #

    Zanu pf thieves are too stupid to create anything.
    They survive and prosper by stealing from other achievers from the civilized world.

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