The South African Federation of Trade Unions (Saftu), Injenje YabeNguni, National Freedom Party (NFP) and the African People’s Convention (APC) have welcomed a ruling by the Competition Tribunal preventing three major banks from closing bank accounts belonging to the Sekunjalo Group, and called on the government to protect black businesses.
In an interim ruling on Friday, the tribunal granted relief against nine banks – Nedbank, Absa, First Rand, Sasfin, Access Bank, Standard Bank, Mercantile, Bidvest, and Investec – and also ordered the reopening of bank accounts that had already been closed.
The ruling represents a second victory for the Sekunjalo Group, which had taken the matter before the Competition Tribunal, ahead of its Equality Court case regarding racial profiling and discrimination against the group by South Africa’s banking fraternity.
In…