The bank terminated accounts and services in December.
Iqbal Survé has been dealt a blow after Sekunjalo Investment Holdings failed in its latest bid to compel Nedbank to reopen its accounts.
In a two-page ruling, the Competition Tribunal’s three members on Thursday said it had dismissed an interim relief application by Sekunjalo and 27 of its entities.
The Tribunal also ordered each party in the matter to pay its own costs.
Terminating banking
In November last year, Nedbank notified Sekunjalo of its decision to terminate its banking relationship with various Sekunjalo entities. Nedbank then terminated its bank accounts and associated banking services on 3 December.
“On 17 December 2024, the tribunal heard an urgent interim relief application by Sekunjalo, 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,” the Tribunal said.
ALSO READ: Competition Tribunal: Banks colluded to shut down Sekunjalo accounts
It said Sekunjalo had 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 came first.
Nedbank opposed the interim relief application.
The Tribunal said detailed reasons for its ruling will be provided soon.
Violations
Survé and Sekunjalo launched their account reopening litigation after the Competition Commission found that the banks that had closed the group’s accounts may have violated competition law.
Nedbank argued that this was the “flimsiest” of reasons for the accounts to be urgently reopened.
The bank seemed to have soured on Sekunjalo after a commission of inquiry, led by Judge Lex Mpati, issued a report in 2020 on governance lapses at the Public Investment Corporation (PIC).
The report found that the PIC had invested in Sekunjalo companies, often against the advice of investment advisors, due to the close relationship between the then-CEO of the PIC, Dan Matjila, and Survé.
Sekunjalo subsequently hired retired Judge Willem Heath to conduct an “independent factual findings report in relation to the Mpati Commission and the Sekunjalo Group”.
NOW READ: National Press Club calls on Independent Media to honour employees severance agreements
