IT is hereby notified that the Minister of Youth Development, Indigenisation and Empowerment, after consultation with the Board, has, in terms of section 21 of the Indigenisation and Empowerment Act [Chapter 14:33], made the following regulations:‑
(1) These regulations may be cited as the Indigenisation and Economic Empowerment (General) Regulations, 2010.
(2) These regulations shall come into force on the 1st March, 2010.
These regulations are framed with the general objective that every business of or above the prescribed value threshold must:
(a) within the next five years from the date of operation of these regulations, or within five years from the commencement of the business concerned, as the case may be, dispose of a controlling interest of not less than fifty-one per centum of the shares or interests therein to indigenous Zimbabweans; unless, in order to achieve other socially or economically desirable objectives, a lesser share of indigenisation or a longer period within which to achieve it is justified;
(b) after five years from the date of operation of these regulations, or within five years from the commencement of the business concerned, as the case may be, dispose of a controlling interest of not less than fifty-one per centum of the shares or interests therein to indigenous Zimbabweans, unless the business concerned has previously submitted an indigenisation implementation plan together with Form IDG 01 which has been approved by the Minister in terms of these regulations.
