SA Authorities Count Cost Of Looting As 40 000 Businesses Affected
The South African authorities are still assessing the true economic cost of the looting and violence that broke out after the jailing of former president Jacob Zuma.
The estimated cost to the economy in KwaZulu-Natal province alone has been put at well over $1bn (£730,000).A minister in the president’s office said the unrest and looting had affected 40,000 businesses in KwaZulu-Natal Province.
Quoting data provided by South Africa’s Property Owners Association, Khumbudzo Ntshavheni said more than 200 shopping centres had been looted. She said over $1m worth of stock was lost in Durban alone.
About 1,400 cash point machines had been targeted in the looting that saw 90 pharmacies destroyed.This does not include the damage in Johannesburg – that’s still being assessed.
Poverty and unemployment played a big role in the looting.But that could get worse as the minister said 150,000 jobs had been put at risk by the unrest.