The decision to shut down the Sekunjalo Group’s bank accounts and associated companies is a clear case of discrimination masquerading as concern over “reputational risk.”
Ongoing legal battles in various courts will reveal the true motives behind the account closures, which points to a mix of discrimination, competitive manoeuvring, and political machinations rather than financial prudence.
The aftermath of the Public Investment Corporation (PIC) Commission’s report saw major banks sequentially unbanking Sekunjalo, with Absa leading the charge, followed by FNB, Nedbank and others, and Standard Bank, the last.
This series of terminations, particularly impacting one of South Africa’s large media houses, Independent Media, signals a worrying trend of selective accountability and bias under the guise of mitigating reputational risk.
The banks’ rationale, centred on “reputational risk,” is a smokescreen and…
