Should the 1913 cut off-date for land claims be changed to the 1800s?

In support of black empowerment, South Africa reopened its land claim process in June 2014 after closing it at the end of 1998, giving land claimants another five years to lodge claims. Any person or community dispossessed of land rights after 19 June 1913 as a result of racially discriminatory practices are able to lodge a claim to restore such a right or receive compensation by 30 June 2019.

In support of black empowerment, South Africa reopened its land claim process in June 2014 after closing it at the end of 1998, giving land claimants another five years to lodge claims.

1913Any person or community dispossessed of land rights after 19 June 1913 as a result of racially discriminatory practices are able to lodge a claim to restore such a right or receive compensation by 30 June 2019.

President Jacob Zuma raised the prospect of shifting the goal posts today in terms of land claims, re-opening the debate on whether the cut-off date for claims should be 1913 when legislation paving the way for black people to be dispossessed of their land was passed.

Zuma noted, “I believe in percentage wise, the land taken after 1913 is very small, very insignificant than the land that was taken…particularly in 18-something – that’s when the biggest chunk of land was taken.”

Zuma said currently the land claims process was skewed against South Africas black populace. It is very easy for a land owner to say you don’t own the land.

“I believe, as a son of a black man, being black, being on my own as always, that you need to shift that cut-off date, but you need to find a reasonable way of addressing the issue, within the Consitution, within the law…,”

He quoted former ANC secretary general Sol Plaatje, who wrote that when the Land Act came into force, black men went to sleep owning land, and woke up being worse off than slaves. Souh Africa reopened its land claims process in 2014.

 

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source: picturehttp://previous.presstv.ir/photo/20131010/328644_1913-Natives-Land-Act.jpg

Barclays loses faith in Africa?

However I believe that the real reason for this response was due to Jacob Zuma, President of South Africa who recently changed his finance minister three times in less than a week. Such a move at a time when the country’s economy is under-performing has hit the confidence levels of investors in the country.

Barclays Africa Group Limited, which includes the South African branch network Absa, is listed on the Johannesburg stock exchange and is 62 % owned by the UK bank. It is one of the largest banks on the continent, with a SAR991bn balance sheet, more than 40,000 staff and 1,267 branches across 12 countries.

Who could blame them for leaving?…

I assumed Barclays had big plans as they were in discussions of rebranding the Absa branch network in South Africa under its own colours after increasing its stake in the Johannesburg-listed business. Barclays business in Africa accounts for 20% of the British banks earnings and has actually been growing.

So why does it want to sell its 62% stake in South Africa’s ABSA bank and essentially pull out of Africa within the next three years?

Jes Staley, Barclays new CEO, notes that to rethink the business and forced him to ways to cut costs and raise capital for its flagging investment business.

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Staley, as part of the banks annual results announcement, said going forward the bank will focus on two divisions: Barclays UK and Barclays Corporate and International.

However I believe that the real reason for this response was due to Jacob Zuma, President of South Africa who recently changed his finance minister three times in less than a week. Such a move at a time when the country’s economy is under-performing has hit the confidence levels of investors in the country.

Another reason is the devaluation of the South African rand against the British pound which has reduced the recent contribution of the African business to the overall banking group’s profits. For 2014, Barclay’s earned a return on equity of 9.3% from its African operations which was lower than its target of 11%.

 

 

 

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source:http://www.ibtimes.co.uk/barclays-could-break-its-100-year-relationship-africa-by-pulling-out-1533606/&http://qz.com/630237/barclays-plan-to-quit-africa-isnt-just-about-the-african-economic-slowdown/ Picture:cib.absa.co.za/accessed3/03/16