Zimbabwe to Seize Mines While Compensating BanksSubmitted by beersnob on Tue, 08/06/2013 - 22:55
President Robert Mugabe’s government plans to seize control of foreign-owned mines without paying for them as part of a program to accumulate $7 billion of assets following his July 31 election victory, a minister said.
The government and black Zimbabweans will take half of the value of assets it has identified in the economy, he said. The state empowerment fund has so far acquired about $1 billion in assets, he said.
Investors in the country are unduly concerned about the safety of their assets, Kasukuwere said.
“If you bring your dollar into the country it remains your dollar,” he said. “We are not going to grab anybody’s assets.”
What? It's like he's not listening to what he's saying. Scary stuff, though, as it could be quite disruptive for platinum on the market.