Land Bank to Repossess 557 Farms

The Land Bank has instituted legal action against 557 land owners, half of them emerging farmers, for failing to repay their loans.

Of the 557 the bank had instituted legal action against by 30 June 2009, 51 percent are emerging farmers and 49 percent are commercial farmers. Seven of the 13 farmers who already lost their farms this year were newly-established.

Moves to repossess farms come after the Land Bank lifted a moratorium on non-paying loans in July 2008.

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