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adopted by Government if the companies bankroll its campaign ahead of general elections next year.
Youth Development, Indigenisation and Empowerment Minister Saviour Kasukuwere, yesterday said the moves were, however, bound to fail.
He said Government would not hesitate to take over firms that fail to meet requirements set under the laws.
Minister Kasukuwere said his ministry would from tomorrow start gazetting names of the 137 firms that have not complied with the Indigenisation and Empowerment Act with a view to cancelling their licences.
“The indigenisation crusade is in full swing and we will be moving to other sectors after we have finished with mining.
“However, what is disturbing is that some very senior officials from the MDC-T are going around telling companies especially the major mining firms to ignore the Government’s directives and fund their election campaign so that they will reverse the empowerment policies once in power.
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“They are promising them that they will implement what they call ‘business-friendly policies’,” he said.
Minister Kasukuwere said apart from encouraging the companies not to comply with the law, the MDC-T was also telling those firms whose plans have been not approved to implement them.
“That is the reason why you find companies like Old Mutual have been under a lot of pressure from people like Tony Hawkins and Eric Bloch for abiding by the law.
“They are also mobilising lawyers in London to resist the empowerment laws,” he said.
Old Mutual agreed to immediately release 25 percent equity to locals, provide a grant equivalent to 10 percent to pensioners, nine percent to workers and 3,5 percent to partners on a commercial basis.
Old Mutual also agreed to provide a grant to the Youth Development Fund equivalent to 2,5 percent and valued at US$10 million and an additional US$1 million will be made available from the Old Mutual Fund.
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The fund, to be disbursed through CABS, will be jointly administered by the ministry and Old Mutual.
Every province will benefit from the US$11 million fund. However, British owned Standard Chartered Bank had its empowerment proposals rejected.
“I had a fruitful meeting with youths from the MDC and they expressed their support for empowerment and the National Youth Service.
“The MDC-T wants to scuttle the policy yet they do not have any policy at all that is acceptable to the people and the youths,” he said.
Efforts to get a comment from the MDC-T were fruitless yesterday but its leader Prime Minister Morgan Tsvangirai has been issuing conflicting statements on the matter.
In May he defended the policy while attending the World Economic Forum in Cape Town but has of late been attacking the policy.
During his botched trip to the US last month, PM Tsvangirai criticised the indigenisation programme.
Online Reporter