Kasukuwere threatens banks

Banks which are failing to meet the indigenisation laws should either ‘shape up or ship out’, Minister of Youths Empowerment and Indigenisation Saviour Kasukuwere has said.

Saviour Kasukuwere
Saviour Kasukuwere

Speaking at the launch of the Old Mutual youth fund, the minister said all foreign banks should follow suit or risk losing business.

“Foreign banks and companies operating in the country should follow the laws of the land. We expect you to fulfil the act. The Barclays and Standard Chartered of this world should shape up and if they don’t, they should ship out,” said the minister.

Kasukuwere said the government was mulling legislation which would force the foreign companies to be listed on the local stock exchange.

The minister said it was high time the government addressed the problem of unemployment as events elsewhere showed that ‘youths can be dangerous if their needs are not addressed’.

Old Mutual ceded 2.5% of its market share by launching the youth fund. The $10 million which the Old Mutual disbursed will be distributed among 10 provinces, with each province getting $1 million.

Old Mutual Chief Executive Luke Ngwerume, who officially launched the fund, said it was in line with the government’s empowerment policy.

“It’s an exercise in compliance and an indication that we have taken a fundamental role in developing Zimbabwe and the youths who are enterprising, dynamic, innovative and understand socio-economic problems,” said Ngwerume.

Speaking at the same occasion Vice President Joice Mujuru said the fund should reach every corner of the country with youths in remote areas being the first to benefit.

Post published in: News

Leave a Reply

Your email address will not be published.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