The law was billed as an attempt to redress past inequalities, but the list reads like a military who's who and a "Friends of Mugabe" list.
Among them is retired Major-General Gilbert Mashingaidze, retired Air Commodore Mike Karakadzai and retired Colonel Karikoga Kaseke, who also heads the Zimbabwe Tourism Authority.
University of Zimbabwe Professor John Makumbe said he was not surprised at these appointments: "This is the way ZANU PF is going about militarizing all the structures of state. This indigenous committee is very much pro-ZANU PF people and the military are in the forefront of such an approach."
When the Mugabe government passed the Indigenization Act into law, requiring the majority of business shares to be owned by so-called "locals", many analysts predicted it was nothing more than a ploy to loot the business sector and distribute the wealth to ZANU PF allies. The list of appointees announced this week by Indigenization Minister Saviour Kasukuwere appears to be a confirmation of this.
Other appointments to these committees include presidential spokesman George Charamba and Affirmative Action Group President Supa Mandiwanzira. Charamba has been Mugabe's voice for decades and Mandiwanzira was part of the government orchestrated takeover of the Mighty Movies media company.
The presence of so many military chefs did not surprise political commentator Professor Ken Mufuka either. Commenting from the United States, he said: "You can militarize agriculture for example, but can you force the cows to produce milk."
Less obvious was the appointment of musician Oliver Mtukudzi, an appointment that Professor Mufuka saw as a ZANU PF tactic to attempt to give credibility to the process.
He said: "They can argue that they want diversity or secondly he might have been nominated by the MDC, or they may want to humanize the committee. They'll say look we are not all military guys. We have the nice, soft-hearted nice face of Oliver Mtukudzi."
Another appointment worthy of comment was that of the Econet Wireless boss, Douglas Mboweni. The mobile phone company recently took part in a lobbying mission to the UK to raise funds for the development of their network, using the coalition government as the foundation for support. MDC officials fronted the mission, accompanied by a number of intelligence agents and ZANU PF deputy ministers.
Professor Makumbe said Econet is trying to maintain its position as the largest mobile network in Zimbabwe. In that case they need to be seen as participating in government ventures.
Media commissioner Chris Mutsvangwa, a former chief executive at the state owned Zimbabwe Broadcasting Corporation and Zimbabwe's former ambassador to China, is also on one of the newly appointed Indigenization committees. Professor Mufuka explained that this may be a ploy to keep Chinese companies interested in investing in Zimbabwe.
The committee is reportedly scheduled to produce a list of stakeholding targets by the end of next month. The law requires them to target companies with assets of more than US$500,000.
Professor Mufuka warned that many companies will run away. He said: "If you say in advance that you are going to get 51% shares in their companies, why would anyone give up a majority of shares to a newcomer? You will frighten them away."