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David Brown

Zimbabwe Government Intention Not To Nationalize - Minister

Zimbabwe's government doesn't intend to nationalize assets in the country, the Minister of Economic Planning and Investment Promotion said Thursday."Indigenization has caused a lot of anxiety to investors," Minister Tapiwa Mashakada said, speaking at a Zimbabwe trade and investment conference in South Africa.His comments come as Impala Platinum Holdings Ltd. (IMP.JO) is fighting a government threat to remove its Zimbabwe assets for failing to meet the requirements of the country's indigenization law. This law requires foreign investors to give up 51% of assets in a combination of stakes to government-approved assets or community trusts and employee ownership schemes.Last week, the Minister of Indigenization gave Impala two weeks to meet his demands, which weren't revealed."It isn't government policy to expropriate or nationalize assets," Mashakada said, noting instead it plans to involve more Zimbabweans in the economy.The minister said Zimbabwe wants foreign investment and companies s...

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