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(TALKZIMBABWE) Denounce sanctions or ship out, Mnangagwa warns CEOs

Denounce sanctions or ship out, Mnangagwa warns CEOs
By: Ralph Mutema
Posted: Monday, January 17, 2011 4:28 am

DEFENCE Minister has said that the chief executives of foreign firms will have to go live on national radio to denounce Western sanctions or face losing 90 per cent of their company shareholding to Robert Mugabe.

Emmerson Mnangagwa told Zanu-PF party supporters this weekend that the authorities were "in the process of rounding up" the bosses of foreign businesses still operating in the struggling southern African country.

"We will ask them if they support sanctions or not," Mnangagwa said.

"Those who indicate that they do not support sanctions will be asked to go live on national radio and tell the nation and the rest of the world their company does not support sanctions."

Zanu-PF party wants santions lifted in 2011.

Britain, the EU and the US have refused to lift the sanctions imposed alleging rights abuses by Zanu-PF members.

President Mugabe blames the illegal Western sanctions for the country's devastating nine-year economic crisis.

[Is this article written by MDC supporters? - MrK]

The defence minister said chief executives who refused to denounce the sanctions would face "punitive measures" that would likely include the takeover of 90 per cent of their company shareholding.

The indigenisation and economic empowerment legislation in Zimbabwe requires indigenous Zimbabweans to take over 51 per cent of shares in all foreign-owned companies with assets worth more than US$500,000.

Mnangagwa said the money realised from the 90 percent share takeovers would go into a new "anti-sanctions fund". The fund will be used to finance an aggressive campaign against the restrictive measures and "all foreign companies operating in the country (will be] compelled to assist," he said.

British companies affected could include Barclays Bank, Standard Chartered Bank, and mining giants Rio Tinto and Anglo Platinum.

Labels: EMMERSON MNANGAGWA, SANCTIONS, ZDERA

posted by MrK @ 7:37 PM