Sekunjalo to approach ConCourt on Nedbank account closure

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In response to a recent ruling by the Supreme Court of Appeal (SCA), the Sekunjalo Group intends to approach the Constitutional Court, seeking to launch an application against Nedbank.

The SCA ruled in favour of Nedbank, asserting that the bank was within its rights to close the accounts of the Sekunjalo Group, citing reputation risks.

The SCA’s decision comes in the wake of Nedbank challenging an interim interdict granted to the Sekunjalo Group, which had prevented the bank from closing any of the group’s accounts until the conclusion of an Equality Court case. In this case, the Sekunjalo Group alleged discrimination against them.

The interdict had also mandated Nedbank to reopen Sekunjalo’s already closed accounts. However, the SCA found that the Sekunjalo Group, led by businessman Dr. Iqbal Survé, failed to substantiate the racism allegations levelled against Nedbank.

Sekunjalo argues that Nedbank based its decision on the Mpati Commission report, distancing itself from the group. The Sekunjalo Group contends that the judges overlooked the fact that the Mpati Commission was an inquiry into the Public Investment Corporation, not the Sekunjalo companies.

AmaBhungane journalist and investigator Dewald van Rensburg discusses the extent of Iqbal Survé’s banking woes and the implications: