Zimbabwe regrets Standard Chartered’s ownership

HARARE: Zimbabwe has rejected Standard Chartered's ownership plan for its Zimbabwean unit because it falls below the required 51 percent local stake, state media reported on Monday.

Under a controversial "indigenisation" law, foreign firms operating in Zimbabwe are required to sell a majority of their local business to black Zimbabweans.

Empowerment Minister Saviour Kasukuwere told the state-controlled Herald newspaper that Standard Chartered had offered an "unacceptable" 10 percent of its operation to locals.

Here are some key dates, developments and issues in the implementation of the Indigenisation and Economic Empowerment Act, which has been driven by President Robert Mugabe's ZANU-PF party since it was signed in 2008.

Copyright Reuters, 2011