Sekunjalo chairperson Dr Iqbal Survé said the Tribunal’s ruling was a vindication of what Sekunjalo has been saying from the very beginning, that the banks were colluding with each other. Photo: Ian Landsberg/African News Agency (ANA)
SEKUNJALO Investment Holdings, largely known as the Sekunjalo Group, has welcomed the ruling by the Competition Tribunal, which granted the group interim relief preventing the country’s banks from closing their bank accounts.
The Tribunal also ordered that those bank accounts that had been closed to be reopened. Unions along with various civil society groups have also applauded the Tribunal for this ruling.
Meanwhile, Sekunjalo chairman Dr Iqbal Surve said the Tribunal’s ruling was a vindication of what Sekunjalo has been saying from the very beginning, that the banks were colluding with each other.
Sekunjalo had argued that the banks’ conduct of closing accounts or refusing to provide banking and payment services constituted an abuse of dominance, collusion, or coordinated conduct, which lessened competition in contravention of the Act. On harm to competition, they argued that without access to banking and payment services, they would cease to trade and effective competition within the various markets in which they operate will be eliminated.
Surve said: “I am not only delighted for Sekunjalo but for all of the employees, customers, suppliers, NGOs and various other significant institutions in our country. This was a desperate attempt to take one of the largest black empowered groups out of the economy and a direct attack on economic freedom.”
Surve also alleged that the decision of the banks was influenced by political players and institutions of the state that intended to cripple the Sekunjalo Group. “The group is grateful and welcomed the tribunal's fair order as this has been a challenging period for the company.”
He said the decision by the Tribunal to sanction the banks for collusion as well as the Equality Court judgment was a very significant ruling. “It shows us that institutions in this country will take the side of that which is right and just and we will continue to fight for our right in the economy of this country.”
Surve called upon the banks, their management teams, executives and directors to do the right thing and stop this attack against Sekunjalo and its employees. It is uncalled for and not in line with the spirit of our democracy and our constitution.