HARARE — Zimbabwe will amend a black empowerment law that aims to transfer majority shares from foreign-owned firms to locals, after it was blamed for deterring investment, President Robert Mugabe said on Thursday.The indigenisation and economic empowerment law requires foreign companies, including mining firms and banks, to transfer at least 51% of shares to black Zimbabweans.But implementing the policy has been difficult, with Mugabe’s ministers often issuing conflicting statements.Mugabe in April said the law was confusing businesses and made it hard for Zimbabwe to compete for foreign investment."The relevant act will thus be amended to bring it into consonance with enunciated policy," Mugabe told Zimbabwe’s parliament, without giving details.In its current form, the empowerment policy requires foreign-owned miners such as Anglo American Platinum, Impala Platinum and Aquarius Platinum to cede 51% shares in their local operations to the government, mining communities, employees a...
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