Hey there, western admirers! It's me, Bobby Mugabe, your favorite socialist icon! Just writing to tell you all about another
great scam progressive program I've pulled off. You'll love this one. I managed to get my lapdogs loyal supporters in the legislature to okay a grab redistribution of all the assets of the mining companies in Zimbabwe. This way I can hand out the assets to various supporters the people. Damn, I'm good.
President Mugabe unleashed a devastating new blow to Zimbabwe’s mortally wounded economy yesterday, announcing a new law giving the state a controlling stake in mines operating in the country.
Under the Mines and Minerals Amendment Bill, the Government can take over 51 per cent of companies mining strategic fuels and minerals, taking 25 per cent without paying.
The balance of 26 per cent it needs for a majority shareholding will be paid for, it said. However, the Bill brazenly asserts that payment will come from dividends earned from the state’s shares in the companies it takes without having to pay. It gives the state seven years in which to do it.
The Bill justifies its seizure “in virtue (sic) of its original ownership of all useful minerals in its subsoil”. Companies mining other minerals will be taken over by indigenous Zimbabweans. The method of payment is not specified.
Why at the rate I'm going, the folks living here in my little worker's paradise will be billionaires! It will only cost about 20 cents American to buy a billion Zimbabwean dollars, too. Such a bargain!
Well, I'm off. Got to talk to Mahmoud and Hugo about a couple of things.