SA’s endemic corruption requires a ‘biting’ response

Beneficial ownership transparency (BOT) can help tackle corruption, reduce investment risk and improve national and global governance, but implementation remains ‘a sad story’

SA’s endemic corruption requires a ‘biting’ response

Beneficial ownership transparency (BOT) can help tackle corruption, reduce investment risk and improve national and global governance, but implementation remains ‘a sad story’

Rewriting the wrongs – language that is not gender-inclusive

Gendered pronouns are not ‘just words’, but deeply personal and psychologically significant identifiers of personhood

Police resources might further drop in Nyanga, former ‘murder capital’ of SA

Provincial government and the City of Cape Town cannot plug the gap for national government’s responsibility for crime prevention, says DA

TOP STORIES

WELCOME TO YOUR M&G

Already a subscriber? Sign in here

Sponsored

Zimbabwe gives foreign firms empowerment ultimatum

Zimbabwe’s government has given foreign firms, including mines and banks, a 14-day ultimatum to submit “acceptable” plans on how they propose to transfer majority stakes to local owners or risk losing permits, state media reported on Friday.

The firms include platinum miners Zimplats, which is majority owned by Impala Platinum (Implats), and Mimosa, Implats’s 50-50 joint venture with Aquarius Platinum. Others include Rio Tinto’s Murowa diamond mine, British American Tobacco and local units of British banks, Standard Chartered and Barclays.

The companies risk losing their operating licences if they do not submit the ownership plans, the state-controlled Herald newspaper reported.

Indigenisation and Empowerment Minister Saviour Kasukuwere wrote to the firms on July 28, informing them they had failed to provide acceptable details of how they proposed to transfer 51% shareholdings to local people within the five years stipulated by the law, the newspaper said.

In March, Kasukuwere gave mining firms 45 days to file empowerment plans and imposed a September 30 deadline for the transfer of ownership.

The deadline to submit empowerment plans has since passed.

Last month, Kasukuwere told a conference the government had rejected 175 empowerment plans from mines which mostly proposed selling 25% shareholdings, with 26% being made up of credits awarded for social investments made in infrastructure, health and education facilities.

Zimbabwe’s coalition government set up by President Robert Mugabe and his rival Prime Minister Morgan Tsvangirai two years ago following disputed elections is divided over the implementation of the empowerment law, enacted in 2008 and championed by the president’s Zanu-PF party.

Tsvangirai has warned that the law threatens Zimbabwe’s economic recovery, which started after the formation of the power-sharing government in 2009, following a decade in which GDP shrank by as much as 50%, according to official figures. – Reuters

We make it make sense

If this story helped you navigate your world, subscribe to the M&G today for just R30 for the first three months

Subscribers get access to all our best journalism, subscriber-only newsletters, events and a weekly cryptic crossword.”

Related stories

WELCOME TO YOUR M&G

Already a subscriber? Sign in here

Advertising

Latest stories

SA’s endemic corruption requires a ‘biting’ response

Beneficial ownership transparency (BOT) can help tackle corruption, reduce investment risk and improve national and global governance, but implementation remains ‘a sad story’

Rewriting the wrongs – language that is not gender-inclusive

Gendered pronouns are not ‘just words’, but deeply personal and psychologically significant identifiers of personhood

Police resources might further drop in Nyanga, former ‘murder capital’...

Provincial government and the City of Cape Town cannot plug the gap for national government’s responsibility for crime prevention, says DA

Africa needs a billion Covid vaccines, but supply is slowing...

Data collected by Unicef shows an alarming drop-off in shipments arriving in the continent since the start of 2022
Advertising

press releases

Loading latest Press Releases…
×