The Banking and Strategy Initiative

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Political Crises threatens Standard Chartered in Africa

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Even a sJo Biden visited the fastest growing emerging markets of Mongolia, trouble’s brewing up in the fifth continent. The Kenyan arms of Barclays and Standard Chartered were clubbed with global mining companies in a new Mugabe diktat that wants them o get local shareholders as early as a fortnight to go.

(Zim)Barclays Bank, Standard Chartered, six mining companies and five other firms have been given a two-week ultimatum to  submit acceptable indigenisation plans or risk losing their licences with the Government taking over ownership, ‘The Herald’ reported.

Mining firms affected include platinum giants Zimplats and Mimosa, gold miners Duration Gold Mine and Blanket Mine and Murowa Diamonds.

British American Tobacco, infant foods manufacturer Nestle Zimbabwe and cotton processor Cargil Zimbabwe are also affected.

Letters were seemingly issued by the Minister of the Interior on July 28.

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