Harare, Zimbabwe — 10 April 2013 – The government of Zimbabwean is reported to be losing patience with Standard Chartered certain gold mining companies in the country for failing to comply with its indigenisation laws.
According to a Fin24 report, the National Indigenisation and Economic Empowerment Board (NIEEB) recently issued a statement expressing its concern with three mining houses and a commercial bank that have failed to comply with the country’s empowerment regulations.
The NIEEB warned that Metallon Gold, Duration Gold and Sandvik mining “’ as well as one of the country’s biggest commercial banks, Standard Chartered Bank “’ will be shut down “until such time that they comply with the law”.
The board added that persons or businesses and government departments dealing with these companies “are by this statement given notice of the intention of government to shut down these businesses until such time that they comply with the law”.
According to Zimbabwe’s empowerment laws, companies should ensure that 51% of their shareholding is in the hands of indigenous people.
Source: Fin24. For more information, click here.