If your property is expropriated but you haven’t paid off your bond, does settling the debt on the property you now no longer own remain your responsibility, or is it the bank’s, or the government’s?
As part of the IRR’s ongoing #StopCitizenAbuse campaign, the institute put the following question to De Lille and to BASA: in the event of expropriation under the pending legislation, what is your position on the responsibilities of bondholders?
South Africans deserve to know the answer.
It’s a critical question – especially for property owners who have so much to lose, and for the banks who are owed billions in unsettled home loans – yet both the Banking Association of South Africa (BASA) and Minister of Public Works and Infrastructure Patricia de Lille turned down the IRR’s invitation to openly discuss this question in a livestream debate.
But the livestream event went ahead all the same, to keep up the pressure for answers.
Watch it here: