Van Deventer has raised concerns about how the current definition of “property” in the bill is wide open to interpretation, in that it could include residential and commercial property, other movable property, as well as intangible property such as intellectual rights.<\/p>\n “In addition, as compared to the Expropriation Act of 1975, which only makes provision for expropriation for public purposes, the new Bill goes a step further by including \u2018public purpose\u2019 and \u2018public interest\u2019 definitions,” said Van Deventer.<\/p>\n “The new version of the Bill opens the door for expropriation of land for people who would like to undertake economic developments, such as low-income housing \u2012 in fact, it encourages it,\u201d said Van Deventer.<\/p>\n According to previous expropriation laws, when government expropriated land for roads, farmland or electricity usage, it was on the \u2018willing seller, able buyer\u2019 principle\u00a0– where, if owners did not really want to sell, they didn\u2019t have to, said\u00a0Van Deventer.<\/p>\n With the establishment of the Office of the Valuer-General, the government can now expropriate property and pay out what the valuators have determined the price of the property to be. This amount will be will be based on market value.<\/p>\n To be considered will also be the property\u2019s history of acquisition, current use and the purpose of expropriation.<\/p>\n This bill stems from a court case in which foreign investors challenged the South African policy of Black Economic Empowerment (BEE) in international arbitration.<\/p>\n \u201cAccording to this Act, government may take measures, in accordance with the Constitution and legislation, to redress historical inequalities, uphold the values and principles of the Constitution, foster economic development and protect the environment,\u201d said Van Deventer.<\/p>\n \u201cIn its first draft, the Bill did not allow for international arbitration. It has tried to downplay concerns by stating that international arbitration may be resorted to, only if such arbitration is consented to by government and only once all domestic remedies have been exhausted.”<\/p>\n![\"\"](\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2017\/02\/Land-e1487938207370.jpeg\")
<\/a><\/p>\n
\nOffice of the Valuer-General<\/strong><\/h3>\n
<\/a><\/p>\n
\nThe Promotion of Protection of Investment Bill<\/strong><\/h3>\n
<\/a><\/p>\n
\nBilateral investment treaties<\/strong><\/h3>\n