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 Instructions will be final in the manner in which we will proceed 

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"There is no law that provides for arbitrariness on the part of anyone and or expropriation of banking assets in Zimbabwe yesterday, today or tomorrow," Gono said in a statement.

Indigenisation Minister Saviour Kasukuwere in a government notice made public this week, gave foreign banks and other companies a year to cede a 51 percent stake to locals, as required under current laws.

Gono said he will discuss the threats with President Robert Mugabe.

"I will soon be consulting with and obtaining further guidance from ... President Robert Mugabe on the latest moves by the minister in relation to the sector that I superintend, the banking sector," said Gono.

Mugabe's "instructions will be final in the manner in which we will proceed," he added.

Zimbabwe enacted in 2007 a law that forces all foreign-owned companies to hand over a majority stake of 51 percent to local people.

The law has led mining firms, including the country's biggest platinum mine Zimplats, which is a subsidiary of South Africa's Impala, to submit schedules on how they will surrender a majority share.

Prime Minister Morgan Tsvangirai, a partner with Mugabe in a coalition government, has dismissed the ultimatum on the banks as illegal and a threat to the ailing economy's recovery prospects.

Britain's Standard Chartered Bank and Barclays Bank are among the major foreign banks with operations in this former British colony.

Gono said Zimbabweans wishing to set up banks should apply "and we will give them a licence to join the sector at 100 percent ownership (rather) than waste money in taking over other people's banks."

The latest notice, aside from banks, also covers schools, universities, hotels and telecommunications firms.

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Fri May 24 16:52:15 SAST 2013 ::

Jul 5, 2012

DjEp

At least there is still one brain left in Zim.
True Mr Gono, that will not be a wise move at all im sure you have learned from the farming issues! all i can say is pray for your exisence into another day, becuase Mugabe is out there to destroy any brain left
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Jul 5, 2012

SOLUTIONS

Djep, words well put,

The latest notice, aside from banks, also covers schools, universities, hotels and telecommunications firms --

I hear that tourism just started to climb again so now mugabe wants that to fail as well.

Why on earth the education, you see, he wants to keep his people stupid, he had top education in other countries and he denies his people the same.

RIP ZIM, RIP
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Jul 5, 2012

DjEp

@Solutions
I work that side, what i can say is they used to have a world class infrastructure and with BOB all is like a graveyard.
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Jul 5, 2012

SOLUTIONS

Djep,

We used to go there for holidays in hwange, what a beautiful place it was.

Like you say, they had world class infrastructure, things just used to work perfectly. it could have been a country that shines to the world.
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Jul 5, 2012

InfiniteSynegy

These corrupt imbeciles are dragging the country down with them,with some inane economic policies. What a shame.

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Jul 6, 2012

DjEp

While we want Bob out, what is uncertain is we dont know who will follow. he could be worse or better that we have to wait and see.
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