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Indigenisation board to enforce regulations

Indigenisation board to enforce regulations

http://www.thezimbabwean.co.uk

Temerity Mpofu Harare

As Zimbabwe's indigenisation regulations are generating public debate and 
criticism in some sectors, the National Indigenisation and Economic 
Empowerment Board (NIEEB) is set to enforce indigenisation regulations.
23.01.1205:42pm
by Wallace Mawire

NIEEB is set to engage Compliance Officers to be part of a team spearheading 
the indigenous and economic empowerment programmes through effective 
broad-based support of all sectors of the economy, according to a recent 
statement.

The officers will monitor the implementation of the indigenous plans to 
ensure compliance with the law,audit and evaluate company declarations of 
various information affecting their obligations in terms of the law,conduct 
research and consultations with stakeholders for the development and 
improvement of appropriate legal and regulatory framework for indigenisation 
and empowerment and to advise business on compliance issues.

The African Development Bank (AfDB) says uncertainty over the country's 
indigenisation policy has negatively impacted on foreign investor 
participation on the Zimbabwe Stock Exchange.

The banking group said the situation had resulted in the local bourse 
recording its worst performance for the year 2011 with the key industrial 
index retreating from 160, 53 in August to 155, 82 in September,while the 
mining index was down 152, 42 in September from 164, 52 in August.

Debate continues to rage about the indigenisation issue, with Zanu (PF) 
elements inside the coalition government calling for the seizure of a 
controlling 51% stake in established businesses, particularly mining, 
ostensibly to empower previously disadvantage blacks.

It is reported in some circles that this proposal is flawed for many 
reasons, but its main problem is that it does not actually help the cause it 
purports to. On the contrary, it actually negates it.

Forcibly taking companies, or nationalisation, does not change the character 
of the current status quo but only replaces it with a politically correct 
colour - black.

"In fact this whole effort is nothing more than a racist attempt by members 
of the cabal of the previous regime to force through their own acquisition 
of massive amounts of wealth. It is imperative to note that there is no 
dispute about the need to indigenise," says one analyst.

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