Property hijacking in South Africa

I was surprised to see this article on IOL.  Apparently there is a syndicate exploiting empty buildings in the inner city to make massive profits at the expense of the low-income earners living in the city.

Syndicates running the property hijacking operation in the inner city
of Johannesburg have turned the practice into a multi-million rand

According to a property consultant, who asked to remain anonymous, syndicates are making up to R10-million a month.

The consultant, who currently has eight buildings under seizure
belonging to different owners, said that over the past three years a
syndicate had discovered how easy it was to make money from hijacking

"Subsequently some splinter groups had formed and were copying the hijacking tactics," the consultant said.

Enterprising bunch of crooks!

(via Boing Boing)






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