LATEST: Gvt to seize directors’ assets

Minister Zhuwawo meeting with the Chinese delegation

Minister Zhuwawo meeting with the Chinese delegation

Tinashe Makichi Business Reporter
Government has vowed to go for the assets of directors of foreign owned companies that face imminent closure for failing to submit their indigenisation plans by Friday.

The move is aimed at assisting employees of those companies in the event that they lose their jobs due to non-compliance of the companies.

Youth, Indigenisation and Economic Empowerment Minister Patrick Zhuwawo today said he had so far sought legal help from three legal practioners as he looks at building a strong case for the seizure of such assets.

“I have sought legal help from three lawyers so far and I am seeking two others to make sure that I build a very strong case and I am going to support any employee rendered jobless by the irresponsibility of directors or managers who fail to comply with the law,” said Zhuwawo.

Minister Zhuwawo addressing the media

Minister Zhuwawo addressing the media

The Indigenisation and Empowerment Act – enacted in 2008 and operationalised on March 1, 2010 – requires foreign-owned companies valued at more than $500 000 to be at least 51 percent owned by indigenous Zimbabweans.

Last year, Government directed all foreign-owned firms to submit their indigenisation proposals by December 31, 2015, before the deadline was extended to March 31, 2016.

Details to follow…..


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  • titusO

    OK ok, time out! These vampires are getting obnoxious! Those are PERSONAL assets that u wnt to get! What happened to trying to restore property rights?! Zimbabweans, if they can to it to a black Zimbabwean director of a foreign owned company, they can do it to you as well. Watch this space!

    • mpengo

      They better not touch my mansion!!!

  • fedup

    idzi ndo dzinonzi mha** idzi

  • Tsotso

    What details, that is more than enough since you know you want to create unemployment. Go on! If it serves you well what can a poor Zimbo suffering begger do??

  • Bert

    Nice going Patrick, this sounds like a highly sustainable policy. How do you think this sounds to foreign investors? Do you not realise how these short sited policies are killing the economy and the people’s lively hoods. These directors will simply hop on a plane and move onto greener pastures – and then what, you are going to feed people for a day? Please open your eyes.

  • just say no to drugs

    please, no more drugs for this zhuwawo guy, whoever is feeding him this nonsense must stop now!

  • karombe

    wrong move just like when the authorities decided to douse war vets with water. u will pay big time guys. chidhakwa, zhuwao and supa who are all g40 relatives pliz be warned.

  • haiwawo

    They did it to white farmers commercial farmers and few spoke out for them; now it is company directors even with personal assets; next they will come to the rest of us with the asset stripping. Where are their own assets registered in a transparent way Zhuwawu, his Aunt and Uncle and all those ministers whose assets we only get to hear about in divorce cases?

    The claim of wanting to secure employees’ livelihoods is a sham because the government itself takes forever to disburse money especially for pensioners they formerly employed. What has the government done to insure that employees of parastatals like NRZ are paid? The answer is nothing – and that is when you can see through the disingenuity of this vacuous political rhetoric which tries to mask the real intent.

    This is a grasping government, desperately broke, and equally desperate to get their hands on anything they feel will make them money whichever way they can in the short term. Say goodbye to investment until this pillaging lot is out.

  • s shumba

    what kind of stuff is this Rastaman smoking – it can’t just be marijuana

  • Mbuya Emily

    What a messed up boy, unogunga you are playing drafts while smoking dagga, this boy is sick in the head, “seeking advice from lawyers”??? What isvthe policy you spoilt piece of mutambo?
    Do not play with fire, you guys will cry when real change comes.

  • mhepo

    Job well done Petso; Keep it up! You are a hero, gallant son. The Director’s assets will feed the families of affected employees for Kingdom come. What more, the assets can generate taxes and boost government revenue. By the way, remind the general public how long your list is of Zimbabweans who are willing and able to pay for the 51% stake in these companies.

  • Idiot

    Stare decisis?

  • Nyamavuvhu

    This move will certainly cause chaos. You should come up with an alternative plan like providing the capital to buy out 51 percent of the shareholding or letting the company decide to what extent they are willing to indigenise eg. 10 percent. You cannot just force companies into surrendering 51 percent shareholding to anyone.To take over their assets for non-compliance is duress. Where in the world have you heard of ideas like yours .It is equivalent to expropriation. You are not empowering in a fair manner. With power comes responsibility and you must act in a manner to attract more investment and jobs not to stifle the economy.

  • Team Amai President

    Well done Cde Zhuwao! This proves that only ZANU-PF’s Team Amai President have people-centred policies.

  • Mwanakomana WaNyashanu

    Guys lets be objective with our analysis. indigenization policy is not peculiar to Zimbabwe only.Every country the world over has such a policy for the purpose of benefiting its citizens. To me the policy is sound and prudent.Instead if we are sincere with our criticism to the said policy, we should suggest the best way of implementing it rather than saying the policy is out of public order. My fellow Zimbabweans are you aware that in some countries foreigners are not allowed to buy or own a residential stand, let alone to do business.When we are talking of a country’s economic progress, it means the local people in that country are fully control all economic high commands in that country. I do encourage you my brothers and sisters to do intelligent research before you criticize government policy.

    • Bert

      Imagine i asked you to deposit your savings into my bank.. I then turn around and tell you that you now have less than half your money and that i must simply accept it. This is deceitful and greedy. Would you ever invest in my unpredictable bank again? This is how investors of the world will see this. And even if these issues are resolved right now, it will then take many years to rebuild investor confidence. We are heading for a national disaster.

  • Mwanakomana WaNyashanu

    Indigenization policy is good and its in tandem with international system because each country has such policies to safeguard economic freedom of its citizens.

  • Mwanakomana WaNyashanu

    My fellow country people we should not just blindly criticize government policies. Its important to carry an intelligent research before making some weird comments. Every country the world over has some policies meant to safeguard its citizens’ economic freedom. In some countries foreigners are not allowed even to own a residential stand let alone to business. I feel that it sounds level headed to suggest the best way of implementing indigenization policy than taking it as something outside this world.


    KKKKKKKKKK! DREAD NDIPE GRADE WHICH YOU SMOKING!!!!Thats the zimbabwean rule of law “SEIZE N SADDLE”. HOW ABOUT INTERNATIONAL RULE OF LAW.that requires you to go through the courts and let the courts decide.the opinion yana dread lawyer is going to determine the fate of this country. Have you not learnt anything from the farms saga.By the way this indiginsation law how many guys on the street have benefited.?all i hear of is 25 year old who has become a millionaire overnight, not whole communities.YOU LET $50 BILLION DISAPPEAR WHILE THE COMMUNITY IN CHIADZWA WONDERED AT WHAT WAS GOING ON !!

  • Tonderai

    Ministry of destruction, nothing else. Cry my beloved nation

  • Eddy Davies Mukushwa

    This is madness at its heighest level. Companies employ hundreds. there are only a handful of directors for each company. Directors are administrators appointed to act on behalf of the investors. If investors say no to the indeginisation issue would you expect directors to force them to say yes?

    There is freedom of enterprise as enshrined in the Universal Declaration of Human Rights. Should investors decide to close their businesses becoz local conditions are no longer viable they have the right to do so. No one is forced to use his or her own capital in some predetermined way!

    The kleptocracy has failed.

  • Tinovaziva

    The last kicks of a dying horse. These people make Henry Tudor look like a saint. They are bats**t crazy like Mary Antoinette and her husband. What happened to them by the way?

  • Andrew

    wonders never cease

  • Department 6

    fourth chimurenga, and the last nail on the coffin too/

  • Patriot

    Well done Patrick. Now directors will have to hide their assets outside Zimbabwe.

    Your policy is ANOTHER DISASTER for Zimbabwe.

    Why do you and your bosses want to steal a company built up through years of sweat and toil ? Indigenous Zimbabweans have been empowered since before independence to built companies and many, many have done so.

    I guess you can always blame sanctions when GDP falls further hey ?

  • Prosper

    Better get our savings out of Barclays. It might not open its doors next week!

  • yowe

    YOWE!!!! Murume akafunda here uyu? Director is not a shareholder he/ she is just an employee

  • Phillip Munyaradzi


  • Piankhi

    I guess Minister Patrick Zhuwawo is as ###as he looks. What in the hell does these #### Ministers come up with these schemes. There is no law in the world in any country, that if government forces a company out of business and jobs are lost is the company owners liable for paying salaries. You the government are responsible now, ### How in the hell can the President let a fool like this take the country even further down than is already is. Who does #### like this in the world, and then expect people to come to Zimbabwe and invest? Zimbabwe really is a country living in it’s own world of thoughts. The joke of the continent. Is this the only way they think they can get revenue. Normally when you rape a person, they will no longer see in a good light. This Minister is is the third to head this Ministry. And it just gets worse as they keep getting replaced. He is a guy that before he got that positiion looked like a ####

  • mike

    Hanzi ndikagumbuka ndinovharisa bhawa rese..singing

  • zimbotry

    This is basically theft. Very simple

  • KC

    Zhuwao is assisting to kill the economy… Right now rumour has it that there will be no bonus payments for teachers in April as announced but in June because gvt has no money. Dimwits