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Zimbabwe Government Passes Law on 51% Black Ownership

Discussion in 'Off-Topic' started by Snorrius, Feb 13, 2010.

  1. Snorrius

    Snorrius Le libre-penseur

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    Zimbabwe Government Passes Law on 51% Black Ownership

    Spoiler :

    Zimbabwe Government Passes Law on 51% Black Ownership

    By Brian Latham

    Feb. 9 (Bloomberg) -- Zimbabwe passed a law that compels all businesses with assets worth more than $500,000 to be 51 percent black-owned within five years, according to a copy of the law distributed by Harare-based Veritas Trust.

    The law was published in the Government Gazette, a public document. It comes into effect March 1 and stipulates prison sentences of up to five years for non-compliance. Veritas is a Harare-based non-governmental organization that monitors the passage of laws through parliament and their publication.

    The new law may affect companies including Anglo Platinum Ltd., Impala Platinum Holdings Ltd. and Aquarius Platinum Ltd., three of the world’s four biggest producers of the metal, which all own mines in the southern African nation. Old Mutual Plc, Africa’s biggest insurer, owns properties and a life-insurance operation in the country.

    “The news is very grim,” John Robertson, a Harare-based economist, said in a phone interview today from the capital. “It will effectively put a halt to any further investment in Zimbabwe, ironically just as the country is calling for investment.”


    Zimbabwe has the world’s second-largest reserves of platinum and chrome, after South Africa, along with deposits of gold, coal, diamonds and nickel. The economy is recovering from a decade of recession that followed Zimbabwean President Robert Mugabe’s seizure of white-owned commercial farms to redistribute to black subsistence farmers deprived of land during colonial rule. The program slashed exports.
    Welcome to the Apartheid! :lol:
     
  2. Cheezy the Wiz

    Cheezy the Wiz Socialist In A Hurry

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    Its not Apartheid when they're the majority.

    I have absolutely no problem with this.
     
  3. Quackers

    Quackers The Frog

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    But it discriminates against non-blacks. Thats wrong...
     
  4. aelf

    aelf Ashen One

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    I don't agree with this at all. It's downright tyranny of the majority. Democracy should not result in something like this.
     
  5. warpus

    warpus In pork I trust

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    It's racist and it will drive away investment from the country.

    Who's bright idea was this?
     
  6. Cheezy the Wiz

    Cheezy the Wiz Socialist In A Hurry

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    You mean like they've been discriminated against for the last 150 years? The white (extreme) minority is the biggest thing standing in the way of blacks in that country, just like they were in South Africa.
     
  7. madviking

    madviking north american scum

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    It's affirmative action... You are putting one people above another. It's racist in nature.
     
  8. Quackers

    Quackers The Frog

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    So to right past wrongs you repeat it?

    This may have been an argument 40 years ago but now the biggest problem Zimbabwe has is its government.
     
  9. choxorn

    choxorn Watermelon Headcrab

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    Okay, looks like the Zimbabwe government is being stupid as usual. Uh, how much is a Zimbabwe Trillion Dollar Bill worth these days?
     
  10. Elliot

    Elliot Warlord

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    Sounds like an arbitrary and terrible idea.
     
  11. SG-17

    SG-17 Deity

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    Less than the change in my couch probably.

    It is nice to see the world progress like this. :rolleyes:
     
  12. madviking

    madviking north american scum

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    They actually have been using the US dollar and other foreign currencies since April '09.
     
  13. mangxema

    mangxema I

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    Nothing.... they finally gave up. They use foreign currency now.
     
  14. Defiant47

    Defiant47 Peace Sentinel

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    Goodbye foreign investment.

    Oh, yes, of course our business is majority black-owned. Doesn't mean we want to do business with you anymore.
     
  15. Cheezy the Wiz

    Cheezy the Wiz Socialist In A Hurry

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    LOL no.

    That's not what's being done here. They said 51% ownership of all businesses worth a certain $ amount by Blacks, to be reached in a few years. They aren't taking things from whites and giving them to blacks (like they did with the land reform), they're talking about stake in a company, and even then, only very large companies, which basically just means the mineral extraction industry.

    So why is it wrong for a country that is 98% Black to mandate that some of the most profitable businesses are at least half black-owned?

    Except that this isn't repeating those wrongs. For that to happen the Zimbabaweians would have to conquer Britain.

    Mugabe has done his part in making his country an international pariah, but then so has the rest of the world.

    But of course, the biggest brunt of the blame falls on the colonial power itself, which was Britain.
     
  16. Bill3000

    Bill3000 OOOH NOOOOOOO! Supporter

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    Uh, apartheid wasn't wrong simply because of the percent of people that were racially segregated.
     
  17. bhsup

    bhsup Deity

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    I predict a huge upswing in the kiwi shoe polish market in Zimbabwe within 5 years.
     
  18. Cheezy the Wiz

    Cheezy the Wiz Socialist In A Hurry

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    That's great, so show me the racial segregation here. Show me what's so "wrong" about this proposal. Like I said above, 98% of the population is black, but they're only mandating a 51% black stake in these businesses. They could go for 98% or 100% even if they wanted to.

    And don't proceed to lecture me about the supposed private property rights of corporate shareholders, because I don't care.
     
  19. madviking

    madviking north american scum

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    Well, seeing as I'm no expert on Zimbabwean business (I don't any of us really are), but I see it no differently that if the government said that "all buses worth above a certain amount, need have more than 51% black ridership". Eventually, whites are going to be turned down ownership simply because businesses can't have any more white owners. (coughNewHavenfirefighterscough)

    I want to see a distribution of wealth in Zimbabwe between whites and blacks. Just curious.
     
  20. Godwynn

    Godwynn March to the Sea

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    I blame Britain for the colonization that lead to this.
     

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