Indigenisation and Economic Empowerment
The Indigenisation and Economic Empowerment Act Chapter 14:33 Act 14/2007 was passed by Parliament and signed into law shortly before the Parliamentary and Presidential elections held in 2008.
Since then Regulations have been published by the responsible Minister (and amended several times), and a number of Government Notices have been published.
The aggregate effect of this legislative activity is to require businesses in Zimbabwe having a net asset value of over the prescribed threshold (which varies sector to sector), to “dispose of” a controlling interest of not less than 51% to “indigenous Zimbabweans”.
The time frame within which such disposal must take place differs from sector to sector.