Peter is the senior partner at Gill, Godlonton & Gerrans and specialises in corporate and commercial law, with particular emphasis on issues in relation to inward investment in Zimbabwe, infrastructure development, compliance with Zimbabwe's indigenisation legislation, debt securitization, corporate restructuring and compliance with Zimbabwe Stock Exchange requirements.
The company's efforts to fully comply with Zimbabwe's indigenisation laws, which have been slammed by fund managers and economists, have been thrown into disarray. This follows demands by President Robert Mugabe that Zimplats give away 51% shares for free, after he levelled criticism against Kasukuwere.
The reported amendment, if approved by Zimbabwe's Parliament, would constitute the latest development in the country's indigenisation policy, which under the Indigenisation Law and its implementing regulations requires foreign-owned companies to offer majority shareholdings to indigenous Zimbabweans. 4 Implementation of Zimbabwe's ...
government (GoZ) has been pursuing greater participation in the mining sector by indigenous Zimbabweans. The Zimbabwe policy position on indigenisation was clarified in the 11 April 2016 policy statement, but there are ongoing discussions with the GoZ regarding indigenisation implementation plans for Zimplats and Mimosa.
Zimbabwe President Robert Mugabe. Zimbabwe has threatened to shut down British-owned Standard Chartered Bank and two mining companies that have not complied with its indigenisation laws.
Yat Hoi Ning, the Company's Executive Chairman, commented: ... and customer risks in addition to the political and indigenisation risks in Zimbabwe (refer to page 30 of the Directors' Report and note 22 of the FY2015 Annual Report) which may constrain the ability of the Company to control the movement of cash between entities or receive ...
Although it is difficult to determine historical circumcision rates, one estimate [3] of infant circumcision rates in the United States holds that 30% of newborn American boys were being circumcised in 1900, 55% in 1925, and 72% in 1950. Circumcision since 1945.
policy reforms in Zimbabwe have proved to be a major threat to the life and welfare of Community Share Ownership Trusts (CSOTs). Specific challenges came in the form of the Finance Act (2018) which repealed some of the 2010 provisions that the Government had introduced through the Indigenisation and Economic Empowerment Act [Chapter 14:33].
Most companies have played for time, and many firms still have not followed through on the indigenisation plans submitted to the government. In the meantime, the government has been shifting the goalposts again and is now allowing mining companies to comply with indigenisation rules by spending money locally rather selling or giving away shares.
ZIMBABWE - Government yesterday announced a new framework to the indigenisation and empowerment policy containing a cocktail of measures that are expected to complement other initiatives to attract local and Foreign Direct Investment. Over the past few weeks, Finance and Economic Development minister Patrick Chinamasa and his Youth, Indigenisation and Economic …
Zimbabwe's largest daily newspaper ... indigenisation and economic empowerment policy. Thousands of companies have complied with the 51/49 principle, a number of Community Share Ownership and ...
Zimbabwe has announced new indigenization regulations that give foreign-owned companies the right to part with less shares than the feared 51 percent previously demanded by the government. Youth and Indigenization Minister Patrick Zhuwao made the announcement in Harare on Monday, almost a week after the government, through Finance Minister ...
Crushing plant manufacturers in india>mining companies that have complied with the indigenisation policy in zimbabwe ... mining rights despite devastating impact ... Read more Indigenisation and Economic Empowerment Act - Wikipedia ...
development. This paper seeks to analyze Zimbabwe's indigenisation policy. The controversial Indigenisation and Economic Empowerment policy in Zimbabwe has been dismissed by many as a statutory instrument designed to suit the interests of politicians contrary to assurances that it seeks to empower ordinary citizens.
Zimbabwe have increased their tax royalty rates from 2010 to 2014. In the past year, Zambia ... introduced in 2008 and companies have complied with the policy in the context of their Indigenisation plans. Government has been suggesting the introduction of a new mining law, that, among a …
Zimbabwe has threatened to shut down British-owned Standard Chartered Bank and two mining companies that have not complied with its indigenisation laws. reputational compliance According to state media, the National Indigenisation and Economic Empowerment Board (NIEEB) has told Stanchart as well as foreign owned mining firms, Metallion Gold and ...
COCA-Cola Central Africa Limited says it does not fall under the ambit of the country's indigenisation laws, contrary to recent reports that it was yet to comply with the empowerment thresholds. The company was listed among 795 companies believed to have not yet submitted plans on how they intend to comply with the law.
government (GoZ) has been pursuing greater participation in the mining sector by indigenous Zimbabweans. The Zimbabwe policy position on indigenisation was clarified in the 11 April 2016 policy statement, but there are ongoing discussions with the GoZ regarding indigenisation implementation plans for Zimplats and Mimosa.
AT least 800 companies in sectors reserved for indigenous Zimbabweans under the Indigenisation and Economic Empowerment Act have applied for indigenisation compliance certificates. Both locals and ...
Part of their compliance plan includes listing on the Zimbabwe Stock Exchange. Zimbabwe's Indigenisation and Economic Empowerment Act (2007), which was enacted in 2010, mandates all foreign companies operating in the country to secure 51 percent ownership of shares by indigenous Zimbabweans through partnerships with business people, community share trusts and …
Mr. Yat Hoi Ning, Group Chief Executive Officer, gives the following commentary on Q3 results for the quarter ending 31 December 2016. ... We are engaged with the appropriate authorities in Zimbabwe regarding our indigenisation commitments. ... 3. The company has amended the reporting of the nickel price received, cash cost and all-in ...
In taking these measures, the Group is very aware of its obligations towards compliance and adhering to local rules and regulations. In order that it complies with these important requirements, including indigenisation laws in Zimbabwe, FRGM has already submitted its report to the respective ministry and is waiting on final approval.
Crisis in Zimbabwe Coalition, said: "SADC has been taking timid decisions. and steps forward and there is clear need, if we are to reap dividends, for. SADC to be more pronounced and decisive in terms of where it stands.". Adding to the dark clouds around the summit was Zuma having to leave.
"So that is where the indigenisation policy has been coming in because we simply have to protect the interests of our people first. That is why we are saying – if our diaspora people have got the muscle and resources to invest – come through. "Look at …
"The board is aware that many non-indigenous companies have not complied with the indigenisation law as they are reluctant to submit their plans for approval," said Gwatiringa.
The Indigenisation and Economic Empowerment Act, which requires foreign-owned companies to sell a 51% stake to indigenous people, has caused great concern over security of investments among international investors seeking to explore new opportunities in the country. Lafarge is headquartered in Paris, France and has a presence in 64 countries.
So far, only Suncraft Enterprises is understood to have benefited via a 15 percent stake in Freda Rebecca under Zimbabwe's indigenisation laws. Asa has interests in …
Zimbabwe's largest daily newspaper. Tendai Mugabe Senior Reporter Government is amending the Indigenisation and Economic Empowerment Act to reflect its policy …
If a company has complied 73 percent with the indigenous laws, it will get 73 percent discount," the indigenisation minister said. ... (IMF) has urged Zimbabwe to rejig its indigenisation policy ...
Zimbabwe promulgated the indigenisation policy in 2007, leading to an outcry from a capital intensive industry, with economists saying investors had put new projects and expansion plans on hold owing to the ambiguity that has dogged the policy.
