Zhuwawo Threatens Legal Action On Foreign Firms
Published: 2016 April 05 07:10:19 (2956 Views)
Directors of foreign owned companies have received warning threats of being sued if they fail to comply with the indiginisation law.
Youth Development, Indigenisation and Economic Empowerment Minister Patrick Zhuwao has said directors of foreign owned companies must be taken to court if they cause the collapse of their companies through non-compliance.
The minister said directors have a mandate to preserve the jobs of their workers by complying with the indigenisation law to avoid cancellation of non-compliant firms' licences.
This comes after Cabinet resolved that firms that fail to submit plans by end of last month on how they intended to indigenise should have their licences cancelled.
As such, Minister Zhuwao said he will assist employees of firms that may be closed if their licence is revoked for failing to comply with the indigenisation law to get a good package from directors of any closed firms and including getting directors personal assets.
Minister Zhuwao said last week that licences of non compliant foreign owned firms should be cancelled once it has been established that their failure has no "just cause".
- Chronicle
Youth Development, Indigenisation and Economic Empowerment Minister Patrick Zhuwao has said directors of foreign owned companies must be taken to court if they cause the collapse of their companies through non-compliance.
The minister said directors have a mandate to preserve the jobs of their workers by complying with the indigenisation law to avoid cancellation of non-compliant firms' licences.
This comes after Cabinet resolved that firms that fail to submit plans by end of last month on how they intended to indigenise should have their licences cancelled.
As such, Minister Zhuwao said he will assist employees of firms that may be closed if their licence is revoked for failing to comply with the indigenisation law to get a good package from directors of any closed firms and including getting directors personal assets.
Minister Zhuwao said last week that licences of non compliant foreign owned firms should be cancelled once it has been established that their failure has no "just cause".
- Chronicle
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