Any companies you own have mining interests or connections with Zimbabwe?
Robert Mugabe has them in his sights as this rogue dictator continues to amaze with his provocative political actions. For those with interests in troubled southern African nation, read on (frm the Economist):
Grabbing below the surface
Nov 23rd 2007
From the Economist Intelligence Unit ViewsWire
More disastrous government initiatives in Zimbabwe
The Zimbabwean government has published legislation that will force foreign-owned mining companies to transfer majority shareholdings to local interests. The draft law, which is likely to be submitted to parliament before the end of the year, states that miners will be expected to give 25% of their shares to the government for free, while a further 26% will be paid for with future earnings. In one sense this doesn't come as a huge surprise: the mines minister announced almost exactly the same plan in early March. This prompted a furious reaction from mining houses, which insisted that they were prepared to sellónot giveóup to 30% of their shares to local interests, but that they were not wiling to cede effective majority (and management) control. Given that mining is one of the country's few remaining foreign-currency earners, industry sources pushed the line that Robert Mugabeís administration was having second thoughts after being told just what nationalisation would mean for the industry. Even at the time, however, government sources denied this, saying merely that the precise formula of nationalisation had yet to be finalised.
Full article: http://www.economist.com/daily/news/...ry_id=10198260