Zimbabwean law to require black business ownership

HARARE, Zimbabwe (AP) - White businesspeople in Zimbabwe who don't cede control of their companies to black partners could face jail under a law going into effect next month.

By: Associated Press | WNCT-On Your Side
Published: February 09, 2010

» Comments | Post a Comment

HARARE, Zimbabwe (AP) - White businesspeople in Zimbabwe who don't cede control of their companies to black partners could face jail under a law going into effect next month.
An official notice Tuesday says the law will be enforced from March 1, and includes jail penalties of up to five years. It gives companies worth $500,000 or more 45 days to submit compliance proposals. Foreign investors also need to meet an "empowerment quota."
The law passed by the Harare parliament when it was still dominated by President Robert Mugabe's lawmakers in 2008 is meant to benefit "indigenous" Zimbabweans - those who suffered under colonial-era racial discrimination and their children born after independence in 1980. That effectively excludes the nation's 20,000 whites.

Reader Comments

*Facebook Account Required to Comment. If you are not already logged into Facebook, please click the comment button to do so.

Deal of the Day

» More Around The World

Interactive Radar

Caught On Camera

Hundreds of Marilyn Monroe look-a-likes gather to break world record

A bear and moose take the path less traveled and hundreds of Marilyn Monroe look-a-likes try to break a record. The latest video and stories that will have you talking are coming up now in Take a Look At This!