Wal-Mart must retain Namibia workers for two years, establish a local supplier development plan within a year in order to buy controlling stake in Massmart, says trade minister
Cindy Allen
LOS ANGELES
,
March 5, 2012
(Industry Intelligence)
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On March 5, Namibia Trade Minister Hage Geingob announced that Wal-Mart Stores Inc. must refrain from firing workers in Namibia for two years and establish a local supplier development plan within a year in order to secure approval for its acquisition of controlling shares in Massmart Holdings Ltd, Bloomberg reported the same day.
Minister Geingob added that Wa-Mart should honor existing labor agreements.
The company had opposed the conditions for the takeover established by Namibia’s antitrust body. In November, Namibia’s High Court decreed that the matter should be reviewed by the trade minister.
The primary source of this article is Bloomberg, New York, New York, on March 5, 2012.
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