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Zimbabwe to tone down black ownership laws

President of Zimbabwe Robert Mugabe attends the inauguration of President Jacob Zuma at the Union Building in Pretoria, South Africa on May 24, 2014Zimbabwe is planning to tone down a controversial equity law which forces foreign companies to cede a majority shareholding to local investors, a cabinet minister said Sunday. Zimbabwe’s controversial 2007 indigenisation law states that foreign firms must hand a 51 percent shareholding to local partners. The law spooked investors and was a source of conflict between President Robert Mugabe’s allies, with some maintaining a hardline stance while others opposed the measures. Information Minister Jonathan Moyo said it would be adapted for different sectors.

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