Zimbabwe: Pressure mounts on foreign firms

As Zimbabwe begins investigating 700 foreign-owned companies that missed this week's deadline to submit plans on the sale of majority shares to locals, investors are looking to a deal struck by Old Mutual for clues on compliance. The company, the largest of its kind on the Zimbabwe stock exchange, has significant commercial property holdings and is the largest provider of insurance in the country. As a first step towards the required 51 per cent, Old Mutual agreed to set aside 25 per cent for staff, pensioners, policyholders, a youth fund and black investors.