There is much riding on whether the banks appeal the Competition Tribunal’s ruling last week, ordering them to keep open the accounts of Sekunjalo and its chair, Iqbal Survé, for six months.“concerted refusal to supply banking services”, which prevented Sekunjalo from doing business.
Survé had complained that when the banks opted to close his accounts, they’d demonstrated either an “abuse of dominance” or “collusive conduct”. In an era of hyper-vigilance around money-laundering risks which may yet see SA “greylisted” by the Financial Action Task Force , banks consider it vital to be able to control their “reputational risk”. Especially given the flak they took for banking the Guptas for years.
Absa, for one, says it “disagrees” with the ruling, while others appear to be limbering up for an appeal. Survé’s argument is that to deny someone a bank account freezes them out of the economy. Expect a titanic legal clash of competing imperatives.
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