[1][2] In reality, little preparation had been carried out, nor thought given to the pronouncement's consequences; it seems that the President did not even give the Cabinet any prior warning of his decision.
"[3] Nationalisation had been widely anticipated, and given the uncertainty, foreign investors had been pulling their money out of the country rapidly with disastrous consequences for the economy.
[2] The Chairman of Barclays Bank, Sir Frederick Seebohm, spoke for many affected companies when he remarked that: No one questions the right of governments to nationalise within their territory...
But to nationalise by instant decree and without any prior consultation is, to say the least, an unfriendly gesture which is not likely to create a feeling of confidence among potential foreign investors.Whilst the banks could use their political clout to achieve a better settlement, local Asian firms which had none of the same sort of leverage were left deeply unhappy, and many threatened to leave.
[5] In any event, Amin disliked the socialist attitude demonstrated by his predecessor; the pronouncement was soon revoked and in some industries, the government refrained even from controlling stakes, though Africanisation was completed with the expulsion of Asians and later British holdings.