Zimbabwe's President Robert Mugabe attends the swearing-in ceremony of his Mozambican counterpart Armando Guebuza for a second term in office in the capital Maputo, January 14, 2010. Credit: Reuters/Grant Lee NeuenburgMugabe Forces Handover Of White-Owned Companies To Black Zimbabweans -- Times Online
A law to force white-owned companies to surrender 51 per cent of their shareholdings to black Zimbabweans comes into effect today, amid panic in the country’s business sector and fears of a catastrophic slide back into economic chaos.
Six weeks from now all companies with a relatively modest asset value of at least US$500,000 (£325,000) will have to submit official forms detailing the race of each of their shareholders. If whites are in the majority they will have to submit their “indigenisation plans”, which have to be carried out within five years.
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