Fencing off property rights
Discussions on SA's contentious land reform plans have missed the point, according to one of the world's wealthiest businessmen, Johann Rupert, who this week weighed in on the matter that has divided the country and sparked panic among investors abroad and at home. Although the government and the ANC have yet to define their strategy for land expropriation and how they intend to roll this out, Rupert told Business Times that there were misconceptions and that conversations about the matter had mostly confused "land" with "property". "Without an inalienable right to private property, no person can build capital," Rupert said. His argument is premised on the market principle that globally and throughout history institutions have insisted on security before lending out their depositors' funds. "SA is no different, except in SA, blacks were denied this basic human right," he said. Rupert is chairman of Swiss-based luxury goods company Richemont and of SA-based investment firm Remgro, wh...
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