Harare-Robert Mugabe on Saturday incited Zanu PF businessman Nigel Chanakira to apply the controversial indigenisation law in order to end the shareholding dispute he is having with John Moxon over Meikles Africa.

Chanakira is the nephew of Robert Mugabe's cabinet Minister Hebert Murerwa. 

When Murerwa was Minister of Higher Education in the 80s, he assisted Chanakira through out his studies at the University of Zimbabwe where he graduated with a Degree in economics.

When Murerwa became Zimbabwe Finance Minister he also assisted Chanakira to get a job at the Reserve Bank of Zimbabwe and "they" later formed a bank, Kingdom Financials with cash proceeds from the country's Social Security company NASS government bonds.

The Indigenisation Act gives locals a 51% shareholding to foreign owed business.

“I do not see the problem. We have the Indigenisation Act which is simple and straight forward on business shareholding ownership. Who is the owner of Meikles? If it is owned by South Africans let them take it, but if it’s ours why cannot we use the Act. In fact the Indigenisation Act is very lenient because it gives something to foreigners, “President Mugabe said before he left for Swaziland on Saturday.

When-ever there is an election Mugabe incites his supporters to engage in either violence or grab foreign owned properties. Since 2000, he has authorised war veterans to grab white owned farms and a few months before the 2008 elections had already drafted the controversial indigenisation Act.
 
Had Chanakira succeeded, (who had been given up to August 5 by Meikles Africa shareholders to pay off the money), he would have snapped up a 43,9 % stake to gain control of Kingdom Financial Holdings (KFHL).

Kingdom Bank is the KFHL flagship.

KFHL merged with Meikles Africa in 2008 to become Kingdom Meikles Africa Ltd (KMAL) in a deal that raised prospects of the financial concern listing on the Wall Street’s elite bourse, the New York Stock Exchange.
 
The new conglomerate included TM Stores, Meikles Hotel, Meikles Stores, Tanganda, Cotton Printers and Kingdom Bank and its subsidiaries.
 
However, what had promised to be a new era for KMAL turned into horror as disputes emerged which led to an acrimonious divorce between the two merged entities.

KMAL shareholders agreed to de-merge KFHL from Meikles but on condition that Chanakira pays the US$22, 5 million by 5 August 2010 to regain control of KFHL.

By ZIMEYE