lion_fish
Expert Member
Govt: Whites are not true Zims
Harare - Zimbabwe-born whites who are able to prove that they were discriminated against under colonial rule may not be subject to a government programme to take control of white-owned businesses, the government said.
Under a proposed Indigenisation and Empowerment Bill, white descendants of mainly British settlers will be required to hand over at least 51% of their businesses to blacks.
Paul Mangwana, the Minister in charge of Black Empowerment, said whites "disadvantaged by the colonial system" were defined under the bill as "indigenous" Zimbabweans and qualified for full ownership rights of business enterprises.
The country's mixed race minority, known as "coloureds" in southern Africa, also were considered indigenous, but a few thousand people of Asian origin, mainly traders and shop owners, would, like whites, need to prove they were victims of colonial prejudice, Mangwana told a panel of lawmakers in Harare.
He said "All blacks ... fall within the definition of indigenous," the official media reported on Wednesday.
An estimated 30 000 whites, just a third of them seen as breadwinners, still live in the country of 12.5m people.
Foreign banks also a target
In the past, white political activists and even conscientious objectors who refused to fight against black guerrillas in the bush war that led to independence in 1980 had not been favoured in citizenship cases.
The independent Bankers Association has asked whether the country's main foreign-owned commercial banks, including Barclays and Standard Chartered, were to be targeted. It said interests from neighbouring South Africa also held substantial interests in other banks, finance houses and some of the largest companies quoted on the Harare stock market.
Mangwana said the foreign banks and subsidiaries of foreign multinationals still operating in Zimbabwe would have to release a controlling stake to blacks, state radio reported.
On state radio, Mangwana said 80% of what he called Zimbabwe's "strategic resources" were owned by foreigners, a claim disputed by business organisations. The government owns the only railroad company, public utilities, mining interests, the state steelmaker, the sole broadcaster, the biggest newspapers and a wide range of parastatal enterprises and industries. It is the country's largest employer.
The Zimbabwe National Chamber of Commerce, most of whose members are black, said the proposed move could frighten off potential investors.
In the worst economic crisis since independence in 1980, official inflation stands at nearly 7 000%, the highest in the world. Independent estimates put real inflation closer to 25 000% and the International Monetary Fund has forecast it reaching 100 000% by the end of the year.
http://www.news24.com/News24/Africa/News/0,,2-11-1447_2190792,00.html