Zimplats In Talks With Government Over Empowerment Plan
Zimplats, a division of Implats, is in talks with the Zimbabwe government over its plans for empowerment after the latest proposal was rejected.
The government last week gave a couple of foreign-owned companies two weeks to submit revised plans for empowerment. This directive has also become a battleground for the ongoing tiff between Indigenisation and Economic Empowerment Minister Saviour Kasukuwere and Reserve Bank Governor Dr Gideon Gono, after the former included Barclays Bank and Standard Charterd Bank in that directive.
Zimplats said in a press release that discussions between management and the relevant authorities in this regard were ongoing.
Zimbabwe’s Indigenisation law makes it a requirement for companies to have at least 51% of its shareholding being owned by local blacks. The law was passed in 2008 but there have been issues surrounding its implementation.