In a news release RAU accused the party of “whinging about the indigenisation policies” and “aiding and abetting the extortion, rather than doing that which is well within its power to bring it to an end.”
RAU says the demands by indigenisation minister Saviour Kasukuwere that non-indigenous companies dispose of 51% of “their shares” to black Zimbabweans is “nonsense to lawyers and those with any accounting or business skills.”
“Eighty percent of the Regulations are not permitted by the Act and invalid. Yet, rather than stating as much, Biti picks on merely one of many invalid provisions, the Community Share Ownership Schemes, and points to the fact that these are not provided for in the Act.
“Several government departments now demand compliance with these directives before they will process paperwork for foreign and investor companies – including the Zimbabwe Investment Authority and the Immigration Department. Companies wishing to renew their Investment Licences through the Zimbabwe Investment Authority are told by the Board to get clearance from Kasukuwere first. There is no law which requires this.”
RAU queried the silence and inaction of the MDC-T ministers such as Theresa Makone and Elton Mangoma, whose ministries administer various aspects of the regulations.
Post published in: News