Remarkably, Zimbabwe’s government has proposed that “indigenous Zimbabweans” take 51 percent ownership of all foreign companies, including mines and banks, according to a draft law seen by Reuters Friday. Pursuant to the Indigenisation and Economic Empowerment law (2007), foreign owned businesses with assess over $500,000, are subject to the forced transfer of ownership provisions. With government intervention of this scope and depth, it is no wonder that back in February of this year, the Zimbabwean Government slashed 12 zeros from its currency as hyperinflation continued to erode its value.
Reuters – Zimbabwe proposes local ownership of foreign firms