HARARE – In a major twist of events, which has been strongly welcomed by the business community, the Minister of Youth Development, Indigenisation, and Economic Empowerment, Savior Kasukuwere (pictured), said the government will now pay for its stake in foreign-owned firms, instead of simply grabbing it.

Kasukuwere told more than 300 business tycoons gathered in Harare that the government would now "pay for everything that we take, including commercial farms".

He was debating the new Indigenisation Act recently passed by the Parliament of Zimbabwe. 

"We will pay for whatever we acquire. It will no longer be just grabbing like we did."

Only last week, Kasukuwere said the Zanu (PF) government would take away companies which still have a majority shareholding by foreigners. He was supporting his boss, President Robert Mugabe, who told a rally that his government would grab Old Mutual Limited (Old Mutual), the insurance giant whose major shareholder is in South Africa, Standard Chartered Bank Zimbabwe Limited (Stanchart), whose head office is in London in the United Kingdom, Barclays Bank Zimbabwe Limited (Barclays) whose head office is also in London, and Meikles Africa Limited (MAL), whose major shareholder is John Moxon who has been specified by government for allegedly externalising foreign currency.

Kasukuwere told local and foreign investors that the new move was meant to give government a "good name and image especially now that we are seeking foreign investment from anyone who wants a stake in Zimbabwe".

Kasukuwere said he was convinced his government and any foreign firms wanting to invest in Zimbabwe would work things out before using the new Indigenisation Act. 

By Special correspondent