×

We've got news for you.

Register on BusinessLIVE at no cost to receive newsletters, read exclusive articles & more.
Register now

The banking sector did not support the expropriation of land without compensation, Banking Association SA (Basa) MD Cas Coovadia said Monday. Coovadia’s comments were made at a function of the Cape Town Press Club but were qualified by the statement that the banking sector acknowledged that land reform was a legitimate issue that had to be addressed. Expropriation he said would erode property rights and would mean that land could no longer serve as collateral for loans. Currently the public and private sector has loaned R180bn to agriculture. Coovadia said expropriation would discourage investment in farm technology and innovation, both of which drive productivity. There was also the danger of international disinvestment and the risk of losing benefits from initiatives such as the Africa Growth and Opportunity Act which was adopted by the US Congress to give free access of certain products to the US market to exporters from Africa. Coovadia reiterated Basa’s opposition to the propos...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now

Would you like to comment on this article?
Register (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.

Commenting is subject to our house rules.