Expropriation of foreign-owned land without compensation may be illegal

  • 📰 BDliveSA
  • ⏱ Reading Time:
  • 23 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 63%

Business Business Headlines News

DTI officials warn that proposed land expropriation contravenes several investment treaties

Department of trade & industry officials have warned against expropriating land owned by foreign nationals, saying it contravenes existing bilateral investment treaties.The country has 22 such bilateral agreements, but the cabinet decided in 2010 to terminate the arrangements following concerns that the treaties were unbalanced in favour of the investors.

Lawful expropriation of foreign investment should be for a public purpose, on a nondiscriminatory basis, under due process of the law, and based on the payment of prompt, adequate and effective compensation, department officials told MPs on Wednesday. Legal experts have also warned that expropriation of foreign-owned property without compensation constitutes a violation of international law and several treaties to which the country is a party.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in BUSÄ°NESS

Business Business Latest News, Business Business Headlines