31 October 2014
   
New Zimbabwe Header
Protests force Burkina Faso leader out
Weakened MDC-T hopes to reboot
Vote Mujuru out, says Mugabe
Zim loses $6 billion tobacco revenue
War vets’ leader savaged by Mugabe
Interview: Ex-PM on congress and vision
Mugabe tries to save ‘Gamatox’ Mutasa
EU lifts economic sanctions on Zim
MORE NEWS
$18mln entertainment park for Vic Falls
Profiteering fuels US$3bln import bill
MORE BUSINESS
Mhere, Zhakata to share Cape Town stage
Macheso son-in-law threatens expose
MORE SHOWBIZ
Caps United ruin league campaign
Mahachi: South Africa PSL defenders slow
MORE SPORTS
Participation and reality based Economics
Africa: Not yet Uhuru
MORE OPINION
 
Dr Chireka: On the junior doctors' strike
Open letter to Grace Mugabe
MORE COLUMNISTS
 
 
Kasukuwere attacks central bank chief
14/02/2013 00:00:00
by Staff Reporter
 
Calling 'noise-makers' to order ... Saviour Kasukuwere
 
RELATED STORIES
Govt to enforce 50pc local procurement
Indigenisation: retail moves ‘xenophobic’
Mwana CEO: Too much hot air over Zim
Indigenisation elitist wealth transfer: Biti
Miners in the dark over proposed changes
No single route to economic growth
Gono denies fleeing to Egypt
Indigenisation: Court stops office searches
Indigenisation fight spills into courts
The trouble with indigenisation
Interview: Gideon Gono on indigenisation
Indigenisation: Gono claims Mugabe backing
Indigenisation policy falling apart?
Zimplats rejects $17m Brainworks bill
Jonathan Moyo: a piper in tune
Indigenisation: space for Gono's SaDIE
Tsvangirai calls for indigenisation probe
Moyo attacks Gono's 'house nigger' logic
Biti vows to probe empowerment deals
Biti, MDC-T aiding Kasukuwere extortion

EMPOWERMENT Minister Saviour Kasukuwere has claimed that an “attitude problem” at the Reserve Bank of Zimbabwe (RBZ) is holding back efforts to force foreign-owned banks comply with the country indigenisation laws.

Kasukuwere said Friday that while the mining sector was largely complaint with the requirement to localise majority control and ownership of their operations, little progress had been made in the financial sector.

“Over-all, the majority of entities in the mining sector have complied with the indigenisation laws, including the major companies. They have realised that the only way they can have sustainable operations is by complying with the law,” the Zanu PF Minister told the Herald.

“The one area which has given us some challenges is the financial services sector. If we do not succeed in indigenising (this) services sector then all our efforts to indigenise the economy will be to no avail.

“(The problem) is not about (the banks’) indifference to the law but we have individuals who have gone to encourage them to disregard the law and make unwarranted statements vilifying the process.”

The Zanu PF minister wants to see foreign-owned banks such as the British-based Barclays and Standard Chartered as well as local units of South African institutions such as Stanbic and MBCA come under local ownership and control.

But Finance Minister Tendai Biti and RBZ chief, Gideon Gono, have urged caution, warning that rushed application of the law could rattle a key but fragile sector of the economy.

Biti and his MDC-T party insist the indigenisation programme, which is being pushed by Zanu PF, is an election gimmick that merely makes the rich richer and does not address the country’s jobs crisis.

Gono has also expressed reservations over the current equity-based programme and suggested an alternative approach which he also fleshed out in local weekly on Thursday.

But in remarks that may have been directed at the RBZ governor, Kasukuwere said: “What I am doing is implementing the law, but the country is full of noisemakers who want to be seen everywhere, in churches, at funerals and speak about things they do not even know.

“The statements they are saying (criticising the empowerment drive) are ego trips. They are saying things that are against the law and are a danger even to the interests of the country.”



Advertisement

The pair memorably clashed over the issue two years ago, with the RBZ chief suggesting that Kasukuwere was not “fit and proper person” to deal with banks having been involved with the failed Genesis Bank.

Kasukuwere replied in kind, dismissing the RBZ Governor as immature, adding: “Let’s not turn (this) into unwarranted personal attacks. Discharging national responsibilities requires maturity and sober reasoning.”

They later called a truce but Gono still maintains that, instead of muscling their way into existing institutions, Zimbabweans interested in joining the banking sector should approach the RBZ for licences or takeover undercapitalised banks, giving the example of Mines Minister Obert Mpofu.

“The example of Minister of Mines Obert Mpofu who came forward with his money and sought permission to take over ZABG bank which was ailing then is a case in point,” he said recently.

“We gave him two years within which to regularise the ownership structure of that bank to a maximum of 25 per cent for any single shareholder which he committed to do but for the time being he has put in money and is a 99,9 per cent shareholder.”


 
Email this to a friend Printable Version Discuss This Story
Share this article:

Digg it

Del.icio.us

Reddit

Newsvine

Nowpublic

Stumbleupon

Face Book

Myspace

Fark
 
 
 
comments powered by Disqus
 
RSS NewsTicker