HARARE President Robert Mugabe has threatened to expel European and American companies operating in Zimbabwe in retaliation to Western sanctions against senior members of his Zanu (PF) party.
In a move likely to further strain Zimbabwes investment climate, Mugabe said he would read the riot act to more than 400 British and American companies operating in the country and tell them to leave as part of Zanu (PF)s anti-sanctions strategy.
Why should we continue to have companies and organisations that are supported by the Americans and British operating freely here? We have to hit them back. Mugabe told more than 4 000 Zanu (PF) supporters at partys annual conference in Mutare on Friday.
This would affect several Western firms such as financial institutions Barclays Bank and Standard Chartered, Rio Tinto and Lonrho. Mugabe warned that the time has come for Zimbabwe to react to the raft of travel and financial sanctions imposed by the European Union, the US, Australia and New Zealand on himself and more than 200 senior Zanu (PF) officials and companies linked to the party.
One of the anti-sanctions strategies proposed is an increase of the 51-percent threshold that foreign companies are required to surrender to indigenous blacks. We must read the riot act to the British and Americans and say that this 51 percent is just the beginning and that if you continue with the sanctions we will go the full 100 percent and take all your
companies, Mugabe said.
In its current form, the Zimbabwe Indigenisation and Economic Empowerment Act has scared away potential foreign investors. Zanu (PF) will also sponsor a new anti-sanctions law that will punish those among us who invite sanctions on the country. The law should make it a treasonous act to call for sanctions against the country, the veteran leader said. The proposed law is targeted at Prime Minister Morgan Tsvangirai and other members of the MDC-T who have been accused by Zanu (PF) of working with the West on the imposition of the sanctions.
Post published in: News