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Zimbabwe Gov’t Plans to Create Law That Will Seize Company Stakes Without Compensation
Apr. 22, 2013 02:54PM PST
Precious MetalsBloomberg reported that Zimbabwe, which has the second biggest platinum reserves in the world, is in the process of creating a law that would enable its government to seize companies’ controlling stakes without paying.
Bloomberg reported that Zimbabwe, which has the second biggest platinum reserves in the world, is in the process of creating a law that would enable its government to seize companies’ controlling stakes without paying.
As quoted in the market news:
The law would be an amendment to a 2007 act that compels foreign and white-owned companies such as Rio Tinto Group (RIO), Sinosteel Corp. and Impala Platinum Holding Ltd. (IMP) to sell or cede 51 percent of their shares to black nationals or state-approved agencies.