Johannesburg – The Competition Tribunal has declined an interim relief request from Sekunjalo Investment Holdings (Pty) Ltd and its 27 subsidiaries, which aimed to mandate Nedbank to restore their banking accounts.
The Tribunal announced its ruling on Thursday, December 9, 2024.
On November 21, 2024, Nedbank notified Sekunjalo of its intention to terminate its banking relationship with several entities within Sekunjalo.
Nedbank proceeded to close the bank accounts and associated banking services on December 3, 2024.
On December 17, 2024, the Tribunal examined an urgent interim relief application from Sekunjalo, which sought an order to reinstate the accounts and all related banking services under the original terms and conditions prior to the termination.
“Sekunjalo requested the reinstatement of the bank accounts for a period of either six months or until the resolution of a hearing concerning the alleged prohibited practices complaint filed against Nedbank with the Competition Commission, whichever came first,” the Tribunal elaborated.
Nedbank opposed this request for interim relief.
The Tribunal stated that a comprehensive explanation for its decision would be provided in due time.
Sekunjalo, which owns Independent Media, has previously cautioned about significant consequences, including potential job losses and business shutdowns, if its accounts with Nedbank remain inactive.
The company estimates that as many as 4,500 employees could face job losses.
Independent Media publishes a variety of newspapers, including The Star, Cape Times, Daily News, along with weekly publications and magazines.
The company also runs Independent Online (IOL).
Last year, Sekunjalo’s Dr. Iqbal Survé secured an interim interdict from the equality court, which prohibited Nedbank from closing multiple bank accounts.
However, the matter later escalated to the Constitutional Court in September 2024.
The highest court rejected Sekunjalo’s appeal against Nedbank’s decision to shut down the bank accounts of affiliated companies, asserting that the application had “no reasonable prospects of success” and ruling that Sekunjalo would need to cover the costs.
