Old Mutual, Barclays, Standard Bank Comply with Controversial Zimbabwe Black Empowerment Law

Now Daily

www.zimnowmedia.wordpress.com

United Kingdom-listed Old Mutual has agreed to shed 51 percent of its Zimbabwean unit to local blacks as president Robert Mugabe’s deadline passed for non-compliant foreign firms to leave the country, it emerged.

Finance minister Patrick Chinamasa said Old Mutual was one of eight foreign financial institutions that met the March 31 2016 deadline to submit plans about how they would reduce their shareholding and bring locals on board. The others are Barclays Bank, which has said it is leaving Zimbabwe altogether, Standard Bank and Ecobank.

Chinamasa did not give details of how the shareholding would be distributed to locals or name the direct beneficiaries. Previously such shares have been given to shadowy consortia dominated by Mugabe’s relatives and nominees.

“The indigenisation plans so far submitted are promotive of socially and economically desirable objectives and goals as set out in the gazetted indigenisation frameworks,” Chinamasa said.

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