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Thu May 26 22:25:09 CAT 2016

Limiting foreign land ownership will see foreigners investing elsewhere: AfriBusiness

TMG Digital | 13 February, 2016 11:11
South Africa's President Jacob Zuma delivers his State of the Nation address at the opening session of Parliament in Cape Town, February 11, 2016. File photo
Image by: REUTERS/Schalk van Zuydam/Pool / REUTERS

The current landownership plan envisaged by President Jacob Zuma in his State of the Nation Address will see foreign investors fleeing the country with their funds to find better investment opportunities elsewhere‚ rights group AfriBusiness warned on Saturday.

It said that Zuma was “stirring the pot even further by creating more investment uncertainty”.

The organisation said it would oppose any legislation promoting land expropriation.

“What investors will also need to take into account is the recent development in private land ownership‚ specifically referring to the Expropriation Bill. AfriBusiness has a three-phase approach to counter the threats on private land ownership through legal action‚ hedging and risk management‚ and through international pressure.

“Any form of legislation which seeks to undermine the constitutional right to own property within South Africa or that seeks to promote the unlawful expropriation thereof‚ will be vigorously opposed and fought in the Constitutional Court‚” said AfriBusiness national spokesman Stefan Pieterse.

“There is nothing in the Constitution that gives Government the authority or power to limit the amount of assets a person is allowed to own within South Africa. On the one hand‚ Zuma states that South Africa needs to be advertised to foreign investors and that South Africa is open for business‚ and on the other he states that their interest in this country will be limited.

“Zuma is doing nothing more than economic extortion. AfriBusiness has warned corporate South Africa about this two years ago‚ and will do so again. South Africa’s integrity and international credit rating is being placed on the line and what Government is planning amounts to stealing foreign investors’ assets within the country‚” Pieterse added.

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