Nedbank CEO warns ANC’s land plan could trigger ‘classical banking crisis’
CEO Mike Brown says nearly every potential investor at an international roadshow expressed concern about the land-reform programme
Nedbank CEO Mike Brown says amending section 25 of the constitution or the property clause is not necessary and talk of expropriation without compensation has created uncertainty within the investor community. This had negatively affected economic activity and job creation, he told MPs on Friday. In his submission on the final day of parliament’s public hearings on the possibility of amending section 25 of the constitution, the property clause, to make it clear how land could be expropriated without compensation, Brown warned that a blanket approach to expropriation without compensation would trigger a “classical banking crisis”. Brown said he had recently returned from an international investor roadshow and just about every potential investor had expressed concern about the land-reform programme, particularly expropriation without compensation.
He said a speedy land-reform process was essential to tackle past injustices. However, Nedbank was of the view that an amendment to t...
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