Tsvangirai tells companies to ignore grab notice

Prime Minister Morgan Tsvangirai has issued a statement telling banks and private institutions to ignore a compulsory acquisition notice issued by the Ministry of Youth Development, Indigenization and Economic Empowerment.

Last Friday Saviour Kasukuwere the Zanu PF MP running the ministry gazetted a notice announcing that all foreign-owned banks and other sectors including privately-owned educational institutions will be grabbed in line with the controversial indigenisation laws.

“The Prime Minister would like to inform the public and the concerned stakeholders that there is no such government position because no such issue has been discussed and agreed upon by Cabinet. Government has not sanctioned the Minister’s actions that are a threat to investment in the country.”

Tsvangirai further said “The Indigenisation and Economic Empowerment Act does not empower the Minister to act and to project an image of a voracious government keen to compulsorily grab almost all institutions and companies in the country.”

“Section 21 (1) of the Act gives the Minister the mandate to make regulations to give effect to the Act. The Minister has not issued a Statutory Instrument but a Notice which in itself is unlawful and the contents of which are ultra vires the Act.

“We reiterate the position that the Prime Minister of Zimbabwe has executive powers and the Constitution of Zimbabwe bestows him with the authority to oversee and supervise “policy formulation and implementation.”

Tsvangirai said the government forum that deals with implementation of government policy is the Council of Ministers, which has not discussed or approved the purported government position captured in the public notice.

“The Prime Minister wishes to inform foreign-owned banks, foreign-owned companies in various sectors and private educational institutions including crèches, primary and secondary schools as well as institutions of higher learning that should anyone grab their assets, they would be doing so unlawfully and without the mandate of the Inclusive Government.”

“The national economic interests of Zimbabwe demand a proper policy that creates jobs for the millions of unemployed people in the country. The people of Zimbabwe want massive investment in the country and not self-serving political statements that have nothing to do with the collective position of government,” the PM said.