'Land restitution failed because Government is the biggest owner of land'

In an opinion piece published by the Sunday Times, Finance Minister Malusi Gigaba’s new economic advisor Professor Chris Malikane proposes a new economic plan that includes the “expropriation of white monopoly capital establishments such as banks, insurance companies, mines and other monopoly industries to industrialise the economy”.

The Ministry of Finance has since distanced itself from the piece.

The Money Show’s Bruce Whitfield interviewed Malikane.

He also spoke to Business Leadership South Africa (BLSA) Chairperson Bonang Mohale.

BLSA on Sunday published advertisements in a number of newspapers, beseeching the ANC and its alliance partners to “exercise their conscience” to stop state capture.

Click here to read the full text contained in the advertisements.

Listen to the interviews in the audio below (and/or scroll down for quotes from it).

The land was taken by force; it’s high-time we redress that historical injustice.

Professor Chris Malikane, Wits

The mines has two functions. They produce minerals and earn monopoly profits.

Professor Chris Malikane, Wits

Nationalisation has worked in India. More than 75% of mining operations there are run by state-owned companies. China is another case in point. You see the heavy role of the state. The same in South Korea and Singapore…

Professor Chris Malikane, Wits

One of the challenges that Eskom has, is the price of coal… New Zealand has nationalised coal…

Professor Chris Malikane, Wits

I wrote this piece before I became appointed.

Professor Chris Malikane, Wits

This article has made the job of the Minister of Finance more difficult.

Bonang Mohale, Business Leadership South Africa

This government already owns six banks! Why would they want to nationalise more banks!

Bonang Mohale, Business Leadership South Africa

The reason why land restitution has failed is because the biggest owner of land is Government.

Bonang Mohale, Business Leadership South Africa

If Government wanted radical economic transformation it would’ve given the land that it already owns to these communities!

Bonang Mohale, Business Leadership South Africa

The poor minister and his deputy are doing their absolute best, but they jumped into a poisoned well. I pity them!

Bonang Mohale, Business Leadership South Africa

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Article brought to us by Old Mutual.

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