The Sekunjalo Group is fighting back against major banks that closed their accounts, alleging collusion and seeking to reopen them.
The Sekunjalo Group argues before the Competition Tribunal that the closure of its banking accounts by major banks is unjustified, following findings of collusion by the Competition Commission.The closure of the Sekunjalo Group ’s banking accounts by Nedbank and several other major banks is unjustified and irrational, the Competition Tribunal was told on Tuesday by the group in its urgent bid for these banks to reopen these accounts.
This comes in the wake of the recent finding by the Competition Commission that these banks were guilty of colluding to push the Sekunjalo group out of the banking market. Sekunjalo and 27 of its companies are asking for an urgent interim order forcing these banks to reopen its bank accounts and to again do business with it until the conclusion of the referral by the Commission of its findings to the Tribunal, following the complaint filed by Sekunjalo which alleged prohibited practices by the banks. The Competition Commission in its findings last month said, “The investigation found that the banks took a decision to terminate and/or refuse to open bank accounts for the Sekunjalo Group of companies. Sekunjalo will be forced to exit markets where they are active as a direct result of the banks’ decision to terminate and/or refuse to open bank accounts for them.” The investigation also found that the decision by the banks to terminate and/or refuse to open bank accounts for Sekunjalo constitutes a prohibited concerted practice by firms in a horizontal relationship, which has the effect of lessening competition in markets where Sekunjalo is active. The investigation further found that the exit of Sekunjalo Group in the market will have substantially negative effects on public interest. The Commission has meanwhile requested the banks to provide written submissions that could justify their decision to terminate and/or refuse to open bank accounts for Sekunjal
BANKING COLLUSION COMPETITION ACCOUNT CLOSURES SEKUNJALO GROUP
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