Zimbabwe Infighting out of control as Zanu PF ministers clash over foreign banks

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Harare:Zanu PF  in-fighting is threatening to spiral out of control in the wake of  two ministers Patrick Chinamasa and Patrick Zhuwao in a damaging discord  once again on the country’s contentious indigenisation framework over foreign banks.

The announcement on Saturday by Chinamasa,who is the minister of Finance, that foreign-owned financial institutions operating in Zimbabwe have submitted credible plans on how they intend to localize their majority shareholding as required by the country’s indigenization law has triggered an escalating public row with Zhuwao, the minister of Indigenisation, prompting a series of increasingly strident public statements.

As Mugabe’s Cabinet  descends into virtual open warfare, the two  brawled over compliance to laws that force foreign-owned firms to surrender 51 percent of their shares to locals.

“I am pleased to advise that all the affected foreign-owned financial institutions operating in Zimbabwe, namely Barclays Bank, Stanbic, Old Mutual, CABS, Standard Chartered Bank, Ecobank, BancABC and MBCA bank have submitted credible Indigenization and Economic Empowerment plans before the deadline of 31 March 2016 in line with policy and the notice gazetted by the Minister of Youth, Indigenization and Economic Empowerment,” Chinamasa said in a statement.

Zhuwao  who would have none of it, shredded Chinamasa’s proposals to pieces and  rebuking Chinamasa’s misleading statement.

“None of the financial institutions mentioned in Honourable Chinamasa’s press statement satisfy that specific requirement of the legislation. This thus renders them as non-compliant”
An insider who spoke to theZimbabwenewslive.com said only two banks , Bancabc and ecobank have complied.

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