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On Stealing Land: South Africa By Bruce Bennett

     Last I heard, the  South African government was going slow on taking land from Whites and giving it to Blacks, when President Trump tweeted about the need for the US to investigate this. But, things are now full speed ahead:
  https://www.biznews.com/undictated/2020/01/27/clarification-bank-loans-expropriation-daily-friend

“The Institute of Race Relations launched an open-letter campaign last week asking prominent banks in South Africa to clarify the implications of expropriation without compensation. What the IRR wants to know is; who would pay off bonds of property that gets expropriated, the banks or the mortgage holder? With the debt-to asset ratio in the agricultural sector being particularly high; it could prove to be a tricky situation if the state decides to expropriate farms. Farmers will not be able to service the loans they take out and for the banks there would be nothing to repossess as the property is now owned by the state. The Department of Agriculture, Land Reform and Rural Development recently revealed it had no discussions with the country’s banks about being compensated for loans against property that is expropriated with Agriculture Minister Thoko Didiza indicating that she was waiting for the bill to be finalised. Nicholas Babaya writes in the Daily Friend that CEOs should be more vocal “in their opposition to the constitutional amendment which is proposed” and is accusing the banks of “playing along” to avoid being in the firing line. – Linda van Tilburg

 

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Friday, 29 May 2020
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