DailySun
Johannesburg – The Competition Tribunal has denied an interim relief application put forth by Sekunjalo Investment Holdings (Pty) Ltd along with 27 of its subsidiaries, seeking to mandate Nedbank to restore their bank accounts.
The Tribunal revealed its ruling on Thursday, December 9, 2024.
On November 21, 2024, Nedbank notified Sekunjalo of its decision to terminate its banking relationship with multiple Sekunjalo entities.
Subsequently, Nedbank proceeded to close the bank accounts and related banking services on December 3, 2024.
The Tribunal examined an urgent interim relief application from Sekunjalo on December 17, 2024, which demanded an interim order to reinstate the accounts and all associated banking services under the same terms and conditions that applied before the termination.
“Sekunjalo requested the reinstatement of the bank accounts for either six months or until a hearing concerning the alleged prohibited practices complaint filed against Nedbank with the Competition Commission concludes, whichever comes first,” the Tribunal elaborated.
Nedbank opposed this application for interim relief.
The Tribunal indicated that comprehensive reasons for its decision will be provided in due course.
Sekunjalo, the owner of Independent Media, has previously warned of dire consequences, including potential layoffs and business closures, if its accounts with Nedbank remain inactive.
As per the company, up to 4,500 employees could face unemployment.
Independent Media publishes several newspapers, such as The Star, Cape Times, Daily News, along with various weekly publications and magazines.
The company also manages Independent Online (IOL).
Last year, Sekunjalo’s Dr. Iqbal Survé received an interim interdict from the equality court that barred Nedbank from closing numerous bank accounts.
However, the case later reached the Constitutional Court in September 2024.
The Constitutional Court dismissed Sekunjalo’s appeal against Nedbank’s decision to shut down the bank accounts of companies linked to the group, stating that the application had “no reasonable prospects of success” and ruled that Sekunjalo must cover the costs.
