Sekunjalo is deeply disillusioned that the Constitutional Courtroom of South Africa (Concourt) didn’t hear the case we introduced. In a briefly worded order, the Courtroom dismissed our attraction to forestall Nedbank from closing our accounts, deeming it not price their consideration.
We have now all the time abided by the regulation and supported an impartial judiciary, so it’s disheartening that the courts haven’t supplied safety in what’s, at its core, a political and enterprise marketing campaign to undermine and dismantle the Sekunjalo Group.
Background to our Banking Litigation
Sekunjalo believes that apartheid oligarchs (households who amassed wealth throughout apartheid), apartheid-era media, and banking establishments, in collaboration with sure political factions, are decided to dam authentic Black entities from competing and collaborating within the broader financial system. These teams search to be the only real arbiters of the nation’s political and financial future, and anybody exterior their sphere of affect have to be excluded from the financial system.
Their techniques echo McCarthyism—smearing reputations and manufacturing consent by media surrogates. They use their regulatory allies to foster an atmosphere that allows banking establishments to collude and shut accounts below the guise of “reputational harm.”
The South African Structure and Invoice of Rights—which Sekunjalo absolutely respects—assure the correct to commerce, media freedom, and safety towards discrimination. As a bunch, we’re the primary company to problem this type of bullying and political machination by apartheid-era oligarchs and political elites.
To defend our inalienable proper to commerce, we initiated authorized proceedings towards the banks to make sure our accounts stay open. Whereas the primary circumstances are nonetheless pending within the Equality and Excessive Courts, we efficiently interdicted the banks within the interim. A number of judgments from the Cape Excessive Courtroom have been vital of the banks’ conduct, as has the Competitors Tribunal.
Regardless of this, Nedbank selected to attraction to the Supreme Courtroom of Attraction (SCA), and considerably unusually, the SCA allowed them to proceed. A bench composed completely of white judges—deciding on a case essentially about discrimination—heard the matter and overturned the interdict stopping Nedbank from closing our accounts.
We subsequently appealed to the Concourt to reinstate the interdict, which they declined on the grounds of getting no probability of success.
This Concourt resolution violates the important rules of equality and our proper to commerce. Within the case of our media enterprise, the closure of banking accounts can be an assault on media freedom.
Sekunjalo will now request the Concourt to revisit their resolution.
Sekunjalo stays assured that the primary circumstances within the Equality and Excessive Courts (nonetheless to be heard) can be profitable, leading to vital claims for damages towards the banks. Nonetheless, that is little comfort to the hundreds of Sekunjalo Group staff who now face potential retrenchment due to the Concourt’s resolution.
At present marks a tragic day in our younger democracy.
Sekunjalo has persistently acted in good religion, with the most effective pursuits of our stakeholders—enterprise companions, purchasers, staff, and shareholders—at coronary heart. Our dedication to transformation, moral enterprise practices, social justice, and equality stays steadfast. We’ll proceed to guard our rights and uphold these values.
Our circumstances handle vital points surrounding honest and equitable entry to banking companies for all South Africans. We is not going to relent on this struggle and can seek the advice of with our stakeholders to find out the best way ahead.
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