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Nedbank CEO warns SA MPs about expropriation of land without compensation.

BANKING AND CREDIT NEWS-September 7, 2018--Nedbank CEO warns SA MPs about expropriation of land without compensation

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Global Banking News - 07 September 2018

The CEO of Nedbank (JSE:NED) has told MPs in South Africa that expropriating property without compensation could 'trigger a classical banking crisis.'

Mike Brown made the comment while participating in the last round of public hearings by a parliamentary committee. The committee is probing the consequences of amending section 25 of the Constitution, which would allow the government to expropriate land without compensation as part of land reforms.

Brown said, 'Every bonded property that is expropriated without compensation is likely to result in a direct impairment of that land on the balance sheet of a lending bank.'

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Publication:M2 Banking & Credit News (BCN)
Date:Sep 7, 2018
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