Maravi

MDC-T finds life in indigenisation policy

MDC-T finds life in indigenisation policy
By: TSM-TZG
Posted: Sunday, October 31, 2010 5:08 pm

THE MDC-T has allegedly formed an investment vehicle named the Zimbabwe Economic Development Trust Company (ZIMEDC) following intense pressure from its irate members who feel that the party’s leadership is busy fighting for positions in Government while Zanu-PF is empowering its members through the indigenisation policy, it has been learnt.

It is understood that the MDC-T risked losing a significant number of its members, especially in South Africa and Britain, who spearheaded the campaign for the formation of ZIMEDC that was launched on August 27 2010 at McDonald Swimming Pool in Mt Pleasant.

A top MDC-T official in the finance committee, who spoke on condition of anonymity, told The Sunday Mail newspaper last week that ZIMEDC would be managed by a board of trustees appointed by the party’s leadership.

“The formation of ZIMEDC is still in its infancy, but the blueprint says the company will be domiciled in South Africa under the name ZIMEDC South Africa. The directors for the company will comprise a lawyer, a chartered accountant and other individuals of high public standing.

“According to the blueprint, MDC-T will hold 50 percent shareholding in the company, with investors holding 40 percent while ZIMEDC directors will hold 10 percent shareholding.

“An initial investment of R100 million has been proposed,” said the official, adding that MDC-T’s contribution to the initial investment will come from “donations from supportive organisations”.

However, the MDC-T spokesperson, Mr Nelson Chamisa, yesterday said: “I am not aware of what you are talking about.” He added that his party believed in a broad-based economic empowerment initiative.

Mr Chamisa said the initiative cannot be launched without the party’s fund-raiser, Roy Bennett, who is out of the country. Impeccable sources within the party said Bennett has been given the task to “urgently hunt for new investment friends” that are ready to support this initiative”.

The sources said due to this investment initiative, Bennett would not be coming back to the country “anytime soon” and because of the important part he is playing, the MDC-T is prepared to put the inclusive Government into disarray for his sake.

However, the MDC-T official hinted that the issue about the appointment of the board of trustees looks set to cause rifts in the party as some of the party’s top officials “are being accused of lining up their boys for jobs”.

The official said the blueprint showed that the MDC-T was targeting seven sectors to invest in, namely communications, financial services, property development, infrastructure, resources, agriculture and transport.

“Under the communications sector, the party would invest in advertising, television broadcasting and skills development. The party hopes that activities under this sector will contribute towards deepening democracy, re-establishing trust in the electoral process, voter education and capacity building.

“In the financial services sector, the party would invest in retirement fund, administration, employee benefits, administration and money transfer services. In the property sector, the focus would be on housing delivery, commercial building development and integrated town and suburban development. The resources sector will focus on mining and mining services.

“In the infrastructure sector, the MDC-T would invest in road construction, rehabilitation and maintenance; dam and bridge construction; and related civil works.

“In agriculture, focus would be on beef, poultry, fruit production and plantation agriculture. In the transport sector, the MDC-T would invest in air and road transport services,” revealed the official.

The official, however, expressed reservations about the whole initiative, saying already some foreigners, especially from the UK and the US, “are hijacking the initiative as they are taking advantage of the fact that most of our members do not have the financial means to contribute meaningfully to the process”.

Said the official: “There are strong fears that this initiative is doomed because, to start with, it’s a knee-jerk reaction to the Zanu-PF empowerment thrust.

“There were no wide consultations within the local members.

“I won’t be surprised to hear that some officials in the party are not even aware of this initiative.

“It’s the SA and UK branches of our party that pressured the party to embrace indigenisation after the realisation that the leadership seemed more concerned about securing positions in Government while Zanu-PF is going ahead with its empowerment drive.

“You see there is a genuine fear that just like during the land reform programme, Zanu-PF will empower its members while the MDC-T fights for positions in the Government.”

Labels: INDIGENIZATION AND EMPOWERMENT ACT (ZIMBABWE), MDC, NELSON CHAMISA, ZIMEDC

posted by MrK @ 10:27 PM