Taken together, the Equality Act, Competition Act and Financial Intelligence Centre Act could put banks in a conundrum when it comes to closing accounts, including those of the Sekunjalo Group
Pity poor Access Bank . Two years after it opened an account for little-known Sekunjalo subsidiary AfriNat, it is still paying steep legal bills for closing the account just two months later.
Because of that ill-considered move, Access got swept up in Sekunjalo Group’s broad-ranging legal battle against almost all the banks in South Africa...A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and TimesLive Premium.
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