Zimbabwe abolishes controversial equity law

[Nom Chompsky]

Zimbabwe's Finance Minister Mthuli Ncube said Thursday that an equity law blamed for scaring off foreign investors would be abolished as the country seeks to woo fresh capital to shore up its moribund economy.

Presenting the mid-term 2019 budget to parliament, Ncube said the so-called Indigenisation Act -- which requires foreign companies to give shareholdings of up to 51% in joint ventures to local partners -- would be repealed.

https://m.fin24.com/Economy/Africa/zimbabwe-abolishes-controversial-equity-law-20190801-3

 

[TelkomUseless]

First step in right direction for Zim

 

[now05ster]

Who would have thought that law would scare the investors away?

*Whistle*

 

[Zoomzoom]

Wow colour me shocked, a law which requires people to just hand over half their hard work to someone who did nothing, contributed nothing, cares nothing, inhibited business growth and investment.

WOW who would have thought that it would have that effect? I mean REALLY!

 

[ArmatageShanks]

Ok so we are clear now, the native people are not fit to be in control of their own country, yes.

 

[TelkomUseless]

Wow colour me shocked, a law which requires people to just hand over half their hard work to someone who did nothing, contributed nothing, cares nothing, inhibited business growth and investment.

WOW who would have thought that it would have that effect? I mean REALLY!

SA is next to learn this lesson...

 

[BBSA]

We will get there one day, maybe when our unemployment rate reach 80%

 

[Cius]

The problem is investors would have very little confidence that that law would stay repealed. It feels like a lure to get more money in only for them to change their minds and steal it all again. Its the same bunch of loonies at the wheel after all.

 

[Hemps]

I suppose our lot will think they can do it better.

 

[RedViking]

Will it actually make a difference?

 

[thestaggy]

Too little, too late and as Cius pointed out, its the same people in charge.

 

[BBSA]

I suppose our lot will think they can do it better.

 

[irBosOtter]

Will it actually make a difference?

Doubt it, they have shown the world their true colors, no one will trust them again I think

 

[RedViking]

Doubt it, they have shown the world their true colors, no one will trust them again I think

I guess we'll be surprised. Where there is money to make, it will not stop people.

 

[ShaunSA]

Doubt it, they have shown the world their true colors, no one will trust them again I think

Serves them right then.

 

[ToxicBunny]

The problem is investors would have very little confidence that that law would stay repealed. It feels like a lure to get more money in only for them to change their minds and steal it all again. Its the same bunch of loonies at the wheel after all.

100% my thought as well. I still wouldn't trust that country as an investment location for anything but absolutely the riskiest stuff.

 

[irBosOtter]

I guess we'll be surprised. Where there is money to make, it will not stop people.

I suppose that's a chance investors will have to take. 5 years down the line they could easily go "hand over 51%" please

 

[Sean008]

A REAL change of govt is needed first

 

[Knyro]

Doubt it, they have shown the world their true colors, no one will trust them again I think

Give it time. Greed overcomes fear every once in a while.

 

[irBosOtter]

Give it time. Greed overcomes fear every once in a while.

Guess we can only hope!