The Institute of Race Relations (IRR) has sent a follow-up letter to South Africa’s major banks requesting clarity on their position regarding Expropriation without Compensation (EWC).
The IRR first wrote to the banks following the remarks by President Cyril Ramaphosa about “land redistribution without compensation” at the ANC’s recent policy conference.
Ramaphosa said the ANC “must undertake to make a dramatic, as well as a disruptive, lasting change”, adding that “despite the setback of our efforts to amend Section 25 of our [sic] Constitution, we must continue to pursue all available options, including through legislation, like the Expropriation Bill, to implement the resolution of our 54th Conference on land redistribution without compensation”.
The silence of the major banks on EWC is very concerning. Their clients, who are ordinary South Africans, deserve to know their position on this matter. It is for this reason that the IRR has decided to send a follow-up letter to the banks containing the following questions:
Time is of the essence, as the Portfolio Committee on Public Works and Infrastructure is likely to put the Expropriation Bill forward for adoption by the National Assembly in two weeks, on or around 14 September 2022.
Said Mlondi Mdluli, IRR Campaign Manager: “We will not rest until all the major banks have provided clarity on their position on EWC. If it means that we have to physically go to their head offices to seek answers then we will do so”.
* Afrikaans-language media are requested to retain the abbreviation ‘IRR’, rather than using ‘IRV’.
Media contacts: Mlondi Mdluli, IRR Campaign Manager- 071 148 2971; mlondi@irr.org.za
Gabriel Crouse, IRR Head of Campaigns – 082 510 0360; gabriel@irr.org.za
Media enquiries: Michael Morris Tel: 066 302 1968 Email: michael@irr.org.za