Kasukuwere to meet Barclays over indigenisation

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By Zimbabwe Investor on March 22, 2013. No Comments

Indigenisation Minister Savior Kasukuwere

Indigenisation Minister Savior Kasukuwere

Zimbabwean Indigenization Minister Saviour Kasukuwere said he will meet Barclays Africa Chief Executive Officer Kennedy Bungane about plans by the lender’s local unit to sell a majority stake to black citizens by June.

“We will be meeting him next week Tuesday to discuss their plans and proposal with regards to the indigenization compliance,” Kasukuwere said in a telephone interview today from Harare, the capital. “The meeting is already set.”

Standard Chartered Plc, which also has operations in the southern African nation, has yet to schedule a date, he said.

Under Zimbabwean law, foreign-owned companies must sell or cede 51 percent of their operations to black Zimbabweans or the government.

Barclays, Standard Chartered and the local units of South Africa’s Standard Bank Group Ltd. and Nedbank Group Ltd. held talks about this with the National Indigenization and Economic Empowerment Board in the last week of February, board CEO Wilson Gwatiringa said on March 4.

Mining companies including units of Impala Platinum Holdings Ltd. and Anglo American Platinum Ltd. have already complied with the law. On March 1 President Robert Mugabe said that 51 percent ownership won’t be required in every case,

“We also expect representatives of Standard Chartered Bank to come and we finalize,” Kasukuwere said. “If they don’t come, we will simply publicize through a gazette that they are not compliant and the law will have to take its course.” – Bloomberg