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Zimbabwe to ban foreign firms in breach of local ownership law

Zimbabwe will from April 1 cancel licences for foreign firms, including those operating mines and banks, that have not complied with a law to sell majority shares to locals, Empowerment Minister Patrick Zhuwao said on Wednesday.

Zimbabwe had given foreign-owned firms a March 2016 deadline to submit plans on how to comply with a law requiring them to sell at least 51 percent shares to locals.

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