http://www.bbc.co.uk/news/world-africa-13688683
Hedge funds are behind ?land grabs? in Africa to boost their profits in the food and biofuel sectors, a US think-tank says.
In a report, the Oakland Institute said hedge funds and other foreign firms had acquired large swathes of African land, often without proper contracts.
It said the acquisitions had displaced millions of small farmers.
Foreign firms farm the land to consolidate their hold over global food markets, the report said.
They also use land to ?make room? for export commodities such as biofuels and cut flowers.
?This is creating insecurity in the global food system that could be a much bigger threat than terrorism,? the report said.
The Oakland Institute said it released its findings after studying land deals in Ethiopia, Tanzania, South Sudan, Sierra Leone, Mali and Mozambique.
However, not all companies named in the report accept that their motives are as suggested and they dismiss claims that their presence in Africa is harmful.
One company, EmVest Asset Management, strongly denied that it was involved in exploitative or illegal practices.
?There are no shady deals. We acquire all land in terms of legal tender,? EmVest?s Africa director Anthony Poorter told the BBC.
He said that in Mozambique the company?s employees earned salaries 40% higher than the minimum wage.
The company was also involved in development projects such as the supply of clean water to rural communities.
?They are extremely happy with us,? Mr Poorter said.
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?There are no shady deals. We acquire all land in terms of legal tender,?
best quote of the year..sure you dont..
401
Source: http://seeker401.wordpress.com/2011/06/13/hedge-funds-grabbing-land-in-africa
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