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Zim threatens Standard Chartered

Harare - The Zimbabwean government is reportedly losing patience with Standard Chartered Bank and Mzi Khumalo’s Metallon Gold for failing to comply with the country’s indigenisation laws.

According to The Sunday Mail, the National Indigenisation and Economic Empowerment Board (NIEEB) recently issued a statement expressing its concern with with three mining houses and a commercial bank that are failing to comply with the country’s empowerment regulations.

NIEEB warned that Metallion Gold, Duration Gold, Sandvik mining and 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 remains in the hands of indigenous people.

 - Fin24


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