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of cancelling licences for the two foreign-owned banks and such threats as those issued by Minister Kasukuwere were damaging to the banking sector leading to panic withdrawals.
But Minister Kasukuwere said yesterday that Dr Gono should stick to his mandate and must not interfere with the implementation of legislation that was passed in Parliament.

“We cannot run a nation based on profane language. Let’s respect the laws of the land and not personalise issues. All we are asking is for these companies to comply with the law. The banks were given two weeks to show cause why the Minister should not direct that their licences be revoked. Individual views should remain so, but the law of the land should remain supreme.

“The Act will be implemented without fear or favour. We will not be deterred from implementing the laws of the land and those foreign banks whose parentage in any case continue to attack and affect our people with illegal sanctions cannot be defended by any logical Zimbabwean.
“These companies must basically follow the law.”

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Dr Gono said that while he had no plans of canceling licences, the RBZ did not condone or encourage non-compliance with the law by any financial institution, as the law of the land must be complied with.

Foreign-owned companies are required under the Indigenisation and Economic Empowerment Act to sell at least 51 percent shareholding to indigenous Zimbabweans over set times.

The programme at the moment is in the initial stage for banks who have to state their plans for doing this. The minister has given Standard Chartered and Barclays two weeks to state those plans.
The minister said Dr Gono should concentrate on his mandate to superintend the banking sector and devise ways to ensure that indigenous banks are empowered instead of standing up for foreign interests.

“This is a national programme that is cutting across all sectors of the economy and it is not only confined to the banking sector alone. We started with the mining sector and most of them are making moves to comply with the regulations.
“Our intention is to empower the broad masses of this country through the ownership of the means of production. The workers and the communities should benefit as well,” the minister said.

Speaking at the burial of General Mujuru at the National Heroes Acre in Harare on Saturday, President Mugabe urged Zimbabweans to take control of industries and the means of production. He said indigenous people should not be content with just being chief executive officers.
The President said the issues of sovereignty, land and ownership of natural resources were not negotiable.