By: Steve Dellar | 09-01-2018 | News
Photo credit: Twitter | @EFFWarriorPublications

Nedbank South Africa: ‘Mortgage On Farm Also Due In Case Of Expropriation’

During the 2007-2008 financial crisis, many in southern Europe and the US were unable to service their mortgages and therefore left their homes, fleeing either for another country (in the case of Europe) or just returning the keys (in the case of the US). Whereas the mainstream media continues to claim that the expropriation policy of the South African government is a ‘white supremacist conspiracy’, South African banks are taking no chances. One of the five largest African banks, Nedbank, sent a letter to farmers who currently have a mortgage with them, informing that “bond payments remain due” regardless of any expropriation, “with or without compensation.”

Related coverage: <a href="http://thegoldwater.com/news/34842-South-Africa-Trump-Is-Misinformed-On-White-Farms-Seizure-Reddit-Censors-Discussion"> South Africa: Trump Is ‘Misinformed’ On White Farms Seizure - Reddit Censors Discussion</a>.

The email stated: “Dear customer, thank you for the query you have raised with regard to the impact of land expropriation to your bonded property.”

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">As South Africa devolves toward a failed state…the banks say those with land seized still have to pay<br><br>I get it - but what a mess<a href="https://twitter.com/search?q=%24usdzar&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$usdzar</a> <a href="https://t.co/chNdTLNCxE">https://t.co/chNdTLNCxE</a></p>&mdash; Greg McKenna (@gregorymckenna) <a href="https://twitter.com/gregorymckenna/status/1035096105594191872?ref_src=twsrc%5Etfw">August 30, 2018</a></blockquote>

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“Nedbank is not privy to what provisions may be made for land purchasers whose land is encumbered, and what the proposed Review Committee would come up with to address this. However, we believe a balance needs to be achieved between the parliamentary agenda, and in particular the law of contract.”

“It is important to note the Home Loan agreement is subject to a contractual agreement, and bond payments remain due and payable until such time that the bond is paid in full irrespective of any form of land appropriation — with or without compensation.”

As was to be expected given the uncertain circumstances for South African farmers in the current political climate, the email sparked outrage.

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">This is why Trump and fighting socialism in the USA matter: One of South Africa&#39;s largest banks, the London-controlled &quot;Nedbank&quot;, has released an official statement, stating that farmers would be liable for bond payments, even if their farms are taken… <a href="https://t.co/vv0zKCHrnn">https://t.co/vv0zKCHrnn</a> <a href="https://t.co/M68OEHyjQY">pic.twitter.com/M68OEHyjQY</a></p>&mdash; autotldr (@autotldr_) <a href="https://twitter.com/autotldr_/status/1036168115283873792?ref_src=twsrc%5Etfw">September 2, 2018</a></blockquote>

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Mr Henri Du Plessis stated: “I’d love to see you get your money out of a person whose property had been taken without compensation,”

Ms Jurie Absmeier: “What the hell is this, Nedbank? This is your response? You won’t get any payment from me.”

Nedbank, seeing the online outrage, explained that it did not support the government’s proposed change to Section 25 of the country’s constitution “as this already provides for expropriation without compensation in cases where a court holds this to be just and equitable.”

However, the case remains that white farmers are being offered only a fraction of what their properties are worth.

Case in point are the owners of Akkerland Boerdery who wanted 200 million rand ($20.8 million) for their land but were offered only a tenth of that value. If those seizures go ahead, it would be the first time the state refuses to pay market value for land.

Co-owner Mr Johan Steenkamp explained: “I only want a fair and market-related price for my land,”

“We do not want to fight with anyone, we just want to be treated with respect and legally compensated.”

Source:

https://www.news.com.au/finance/economy/world-economy/south-african-bank-says-customers-must-honour-home-loan-payments-even-if-land-is-seized/news-story/dff832edcbf1672c060f6568658c3210

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