Zimbabwe Opens ‘Blacks Only’ Stock Exchange
Via Telegraph reports:
The plan to grab mining companies, most of which are South African-owned, follows President Robert Mugabe’s landslide re-election last week.
Saviour Kasukawere, the ‘indigenisation’ minister, said on Tuesday that the government or black Zimbabweans would take 51 per cent of the shares in all major foreign-owned companies, valued at about £4.8 billion. No compensation will be paid.
John Robertson, an independent economist in Harare, said: “There is no logic in that plan. He is in danger of introducing economic apartheid which is absurd.”
Mr Robertson added: “I think this is only politicking and there is no substance to this.”
Metals and minerals, including platinum and gold, accounted for 71 per cent, or £480 million, of Zimbabwe’s total exports last year.
South Africa has a bilateral trade and protection agreement with Zimbabwe. If the regime presses ahead and seizes a controlling stake in South African mining companies, they could use these agreements to secure compensation or the return of assets via international courts.
Whether Mr Mugabe’s regime would respect any such rulings is another question.
Mr Mugabe seized almost all of Zimbabwe’s white-owned farms, often in defiance of court orders, and without compensation.
The government taking over all wealth and means of production? Hey, it worked for the white peoples of the Soviet Union, it should work even better for the black peoples of Zimbabwe! Do you think this is just another form apartheid?