Zimbabwe proposes local ownership of foreign firms

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By Nelson Banya

HARARE (Reuters) - Zimbabwe's government has proposed that Zimbabweans take 51 percent ownership of all foreign companies in the country, including mines and banks, according to a draft law seen by Reuters on Friday.

An official at the Chamber of Mines expressed surprise and concern at the proposed legislation, prepared by the Ministry of Youth Development, Indigenisation and Empowerment.

"We haven't seen the regulations but if what we've heard is true, then that's a step back. It goes against what we've been discussing with the Ministry of Mines and other ministries," the official, who declined to be named, said.

The draft regulations said "indigenous Zimbabweans" should hold a controlling interest in each foreign-owned business with an asset value above $500,000 (300,850 pound). They could further unsettle those investors with an interest in the ruined economy.

Zimbabwe passed an Indigenisation and Economic Empowerment law in 2007, which seeks to transfer control of all firms -- including mines and banks -- to black Zimbabweans.

Analysts believe that would unsettle investors and could further damage an economy already ravaged by the collapse of commercial agriculture following President Robert Mugabe's seizure of white-owned farms since 2000.

A unity government formed by Mugabe and his rival Prime Minister Morgan Tsvangirai in February has promised to be flexible in applying the empowerment law, but the proposed regulations show no change of tack.

The latest move also casts doubt on current consultations between the government and the foreign-dominated mining industry over proposed changes to the mining law.

Mugabe has said amendments to the mining legislation, to be pushed through parliament soon, will seek to improve ties with the industry.

The unity government has been torn by disagreements between Mugabe and Tsvangirai, who agreed on Thursday to end a boycott of the coalition. He gave Mugabe a month to fully implement their power-sharing agreement.

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