UBS, the world's largest wealth manager, believes expropriation of land without compensation in SA will be handled “sufficiently well” under President Cyril Ramaphosa, despite lingering market concerns. In December the National Assembly and the National Council of Provinces (NCOP) adopted a contentious report which calls for a constitutional amendment to make it explicit that expropriation without compensation can be used to address skewed land ownership patterns dating back to the colonial and apartheid eras. The issue of expropriation is set to dominate the parliamentary calendar ahead of the national elections, likely to take place in May. ANC and EFF MPs are pushing for a constitutional amendment to be finalised before the polls. In its Investing in Emerging Markets report published last week, UBS cautions that while Ramaphosa and his team are seen as a safe pair of hands, providing the tools in the constitution for expropriation without compensation may come back to haunt SA if...

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