Johannesburg – The Competition Tribunal has dismissed an interim relief application by Sekunjalo Investment Holdings (Pty) Ltd and 27 of its entities seeking an order to compel Nedbank to reinstate their bank accounts.
The Tribunal announced its ruling on Thursday, (9 December 2024).
On 21 November 2024, Nedbank notified Sekunjalo of its decision to terminate its banking relationship with various Sekunjalo entities.
Nedbank terminated the bank accounts and associated banking services on 3 December 2024.
The Tribunal heard an urgent interim relief application by Sekunjalo On 17 December 2024, which sought an interim order to reinstate or restore the accounts and all associated banking services under the same terms and conditions that existed prior to the termination.
“Sekunjalo requested the reinstatement of the bank accounts for either six months or until the conclusion of a hearing into the alleged prohibited practices complaint against Nedbank, filed with the Competition Commission, whichever comes first,” explained the Tribunal.
Nedbank opposed the interim relief application.
The Tribunal said details reasons of its ruling will be provided in due course.
Sekunjalo, which owns Independent Media, has previously warned of severe consequences, including job losses and business closures if its Nedbank banking accounts remain closed.
As many as 4 500 employees were now likely to lose their jobs, the company claimed.
Independent Media owns several newspapers including The Star, Cape Times, Daily News, weekly newspapers, and magazines.
The company also runs Independent Online (IOL).
Last year, Sekunjalo’s Dr. Iqbal Survé won an interim interdict at the equality court preventing Nedbank from closing dozens of bank accounts.
However, the matter ended up in the Constitutional Court in September 2024.
The apex court rejected, with costs, Sekunjalo’s attempt to appeal Nedbank’s decision to close bank accounts of companies linked to the group saying the application had “no reasonable prospects of success”.
