Mugabe says to proceed with foreign firm takeovers

Zimbabwean President Robert Mugabe said on Thursday the government would go ahead with the takeover of foreign companies, a scheme that has rattled investors, and told Western countries to stop meddling in his country’s affairs.

Mugabe’s ZANU-PF is at odds with its coalition partner, Prime Minister Morgan Tsvangirai’s Movement for Democratic Change, over his plan to force foreign-owned firms, including mines, to transfer at least 51 percent of their shares to local blacks.

“We proceed with our indigenisation and empowerment policy and programmes must be worked out to ensure that our resources are managed by us, they are controlled and exploited by us and that they benefit the majority of our people,” Mugabe said in a speech during the burial of a top spy.

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