Zimbabwe News and Internet Radio

Business mogul criticises empowerment law

Zimbabwean business mogul Shingai Mutasa has criticised the country’s indigenisation and empowerment legislation as not sustainable in its current form. “The way the original law was put in place is not sustainable and therefore the revisions now taking place,” he told a weekly paper.

Shingai Mutasa

Comparing Zimbabwe and South Africa’s empowerment drives Mutasa said, “There was urgency in South Africa to create black capitalists. Over time, you will have that evolution taking place here.”

He still praised the political push towards black empowerment saying “this is where the hard knocks would have come through. It makes good sense to partner locals,” he argued.

Mutasa through his Masawara investment vehicle has a 40 percent interest in Joina City, the largest commercial and retail building in Harare, and a 30 percent stake in TA Holdings where he has been CEO since 1997.

Mutasa also currently serves on the boards of several TA subsidiary and associate companies. He co-founded Venture Finance, an investment vehicle that bought into TA Holdings with the objective of turning it into a continental investment group.

He is also Chairman of FMI Holdings, a privately held investment company formed in 1990. The company is the major shareholder of Joina Development Company, an infrastructure and commercial real estate developer.

Mutasa graduated from the University College London with a B.Sc. (Econs) Hons degree in 1980. He returned to Zimbabwe after completing his studies and commenced upon a successful career in commodity trading and marketing through a family owned company. Nehanda Radio Business