Friday, September 22, 2017
CLOSE
 
New Zimbabwe Law Draws a Bead on Coke
By Special to the NNPA from the Global Information Network
Published March 25, 2011


Special to the NNPA from the Global Information Network

Opposition critics in Zimbabwe are lambasting a government takeover threat announced by President Robert Mugabe of close to 800 companies who fail to practice “affirmative action” and give locals 51 percent ownership of company shares.

U.S. beverage manufacturer Coca Cola is among the 800 foreign companies that skipped last year’s deadline to transfer shares to Africans.

“We have now reached the process of de-registering defiant companies and any time from now, some companies will be closed for defying the indigenization law,” the Permanent Secretary in the Ministry of Youth Development, Indigenization and Empowerment, Prince Mupazviriho told the state owned Sunday Mail newspaper.

Swiss owned Nestle Zimbabwe is also on the hit list after the company refused to buy milk from the Gushungo dairy farm, owned by President Mugabe’s wife Grace, following pressure from human rights activists.

South African-owned platinum miner Zimplats has also been targeted after President Mugabe accused it of externalizing its profits. Critics accuse President Mugabe’s party Zanu-PF of using the company takeovers as a campaign strategy ahead of elections expected later this year.

Pres. Mugabe

Categories: International

Get the Los Angeles Sentinel App!


SEARCH:    

LA Sentinel
in your pocket:







Taste of Soul Sponsors

TOS-Cookbook-Web
© 2017 Los Angeles Sentinel All Rights Reserved • A Bakewell Media Publication

Contact UsAboutMedia KitCorrections & Misprints

Terms of ServicePrivacy Policy

LA Watts TimesTaste of Soul

Close / I'm already on the list

Subscribe Today!

Don't be limited anymore! Subscribe Now »

** Existing subscribers, please Login / Register for Digital »

Subscribe to The Los Angeles Sentinel for only $5.99 $3.99 per month, with 1 month free!

Relax in comfort each week as you read the printed newspaper on your own time, delivered weekly to your home or office. This subscription also includes UNLIMITED DIGITAL ACCESS for all of your devices. Includes FREE shipping! One easy payment of $3.99/month gets you:

Subscribe Now »