Breaking News:

Big Issues, News, Opinions & Editorial

ZIMBABWE’S MUGABE DEFENDS MAJORITY OWNER PLAN IN FOREIGN FIRMS

0

Reuters – Zimbabwe’s President Robert Mugabe on Wednesday defended his government’s drive to take majority control of foreign-owned companies, saying investors must pay for exploiting Africa’s mineral wealth.

In his first state visit to neighbouring South Africa in two decades, Mugabe was also defiant on Zimbabwe’s seizure of white owned commercial farms for redistribution to blacks.

Land is also an emotive issue in South Africa, where most of it remains in white hands since apartheid ended two decades ago despite the ruling party’s efforts at redistribution.

The veteran leader, in power since independence from Britain in 1980, has approved a law obliging foreign-owned firms, including mines, to sell at least 51 percent of ownership to black Zimbabweans.

“The capital that is aimed at mining for example, is drawing from my country a resource that cannot be replaced tomorrow, leaving holes in my country,” Mugabe told reporters after trade talks with South African President Zuma.

“What we say therefore is we, who are owners of natural resources, must have at least have 51 percent of the earnings of that company and we allow the company 49 percent.”

Western countries have withheld financial aid to Harare in protest over Mugabe’s policies and charges he has rigged elections to stay in power, worsening an economic crisis that has driven millions of Zimbabweans to South Africa for jobs.

Reuters – (Reporting by Joe Brock and Tendai Dube; Writing by Stella Mapenzauswa; Editing by James Macharia)

Related Posts

Leave a reply

Your email address will not be published. Required fields are marked *

  • Saulos Chilima: A masqueraded Messiah or a devil not yet known?

    Frank Kamanga Historically, in the kingdom of the blind, the one-eyed is king. This is probably why -and it is a worldwide phenomenon- desperate peoples around the globe are hanging by the slenderest of threads, putting their hope and trust in figures that either present themselves, or are being portrayed as modern-age “Messiahs”, vowing to…

  • Mrs Mia inspires DPP senior officials

    In a leaked whatsapp conversation among DPP gurus the blue officials said they wish Mrs Abida Mia who has a hardworking spirit was in their team. The DPP officials which include; Ben Phiri, Ngeme Kalilani and Nicholas Dausi just to mention a few said Abida Mia is an insiration to all women in politics. One…

  • FLASH BACK: Kaliati and cadets strip Eastern Region Chief naked, dethrone him

    By Nyasa Times Published: June 6, 2011 Chief Mponda of Nsamala Village in Balaka district, who claim to have been paraded naked by Democratic Progressive Party DPP) Youth Cadets last month, has cried foul over the news that he has been stripped off his chieftaincy. Mponda was beaten up, rubbed down with buffalo beans (chitedze)…

  • Donors still disappointed -EIU report

    The Economic Intelligence Unit (EIU) based in Britain has disclosed that Malawi’s development partners still dont have confidence in Malawi’s fiscal descipline. The report from the intelligence unit has disclosed that Malawi is still not doing well in curbing corruption. “Corruption levels are still on a high in Malawi as those in government are still…

  • TRUCK DRIVER IN FOR STEALING RELIEF MAIZE

    A truck driver belonging to Load Queen Haulers Company who was hired by government to transport relief food items to Mchinji District is in police custody for allegedly stealing 78 bags of maize worthy K585, 000.00 and giving it to Democratic Progressive Party Aspirants for campaigns. The suspect Harrison Singano (40) who hails from Malilana…

  • Bingu catalysed cashgate-JB

    The former President of the country, Joyce Banda has insisted that she is clean on all allegation she is being accused of, and she has disclosed that Bingu knew about the vice but never acted on the matter. Speaking at a press briefing, Banda said that she fought cashgate in her time, a problem her…

css.php