Zimbabwe will probe foreign firms over ownership law

Zimbabwe will soon probe foreign-owned firms to establish their level of compliance with a law requiring them to sell at least a 51 percent shareholding in their Zimbabwean operations to locals, an official said on Tuesday.

Under the controversial economic empowerment law that came into force last year, foreign-owned firms must give at least 51% equity to black Zimbabweans. Those that fail to comply face legal action, which can be withdrawal of their operating licenses.

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