In an exclusive interview with The Zimbabwean, a leading business executive and a major player on the Zimbabwe Stock Exchange, who cannot be revealed for fear of victimisation, said: "The ZSE has been quite docile during the past weeks mainly because there is confusion about the new Indigenisation Act.
"Everyone in business, especially the mining community, feels that it (51 percent) is too much for locals to have in companies that they do not own and did not invest in."
He asked why someone would leave their country and come to invest in Zimbabwe and yet not be allowed to own the firm in which they had invested considerable time, effort and money.
"This does not make any business sense and the minister (Saviour Kasukuwere) should listen to us," said the worried tycoon.
Business executives who attended a recent one-day Indigenisation Indaba in Harare, say Kasukuwere repeated his statement that there "is definitely no going back on indigenisation".
The Zimbabwean was barred from the Indaba for, among other things, allegedly "exposing its (Act) major shortfalls especially to foreigners who want President Robert Mugabe to go".
More than 350 mining houses, including some listed on the ZSE, have already told the minister about their indigenisation plans.
Reports are that Kasukuwere has, however, "rejected 165" of these but has not yet given the reasons why they were "kicked out by his ministry".
A periodic report released by the Civil Society Monitoring Mechanism said "controversy and political haggling around the country's indigenisation and empowerment laws had continued unabated".
"It appears this is also now affecting capital projects like the much-needed expansion of the country's busiest highway between Harare and Beitbridge," said the report for April and May.
"This is despite the government awarding the tender in 2002. Other contractual disagreements with the government and the main investor were cited as reasons for the stalling of the project."
Under the new Indigenisation Act, Zimbabweans must own 51 percent of any firm that has an annual turnover of $1.
The Chamber of Mines, which says it needs a $5 billion injection to get back to economic sanity, has blasted the legislation.
The organisation has clearly pointed out that the Act is seriously "chasing away potential investment especially from foreigners who have the cash we need".
The country is currently suffering from donor fatigue and a huge foreign debt, of more than $7 billion.
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