By: Staff Reporter
Date: February 15th 2016
Source: Times Live
The land reform plan President Jacob Zuma envisaged in his State of the Nation address on Thursday will prompt a mass exodus of foreign investors, AfriBusiness has warned.
AfriBusiness said Zuma was "creating more investment uncertainty" and that it would oppose any legislation licensing land expropriation.
Said AfriBusiness spokesman Stefan Pieterse: "Any form of legislation which seeks to undermine the constitutional right to own property within South Africa, or that seeks to promote the unlawful expropriation thereof, will be vigorously opposed and fought in the Constitutional Court.
"There is nothing in the constitution that gives the government the authority to limit the amount of assets a person is allowed to own within South Africa.
"On the one hand, Zuma states that South Africa needs to be advertised to foreign investors and that South Africa is open for business, and on the other he states that their interest in this country will be limited. Zuma is doing nothing more than economic extortion. [What the] government is planning amounts to stealing foreign investors' assets."
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