The Competition Tribunal heard arguments from Sekunjalo Investment Holdings regarding the potential irreparable harm they would face if Nedbank did not reopen their closed bank accounts. Advocates for Sekunjalo emphasized the critical role of banking access for business operations and argued that excluding a major player like Sekunjalo from the financial system would have severe economic consequences, including job losses.
Sekunjalo Investment Holdings and its group of companies argued before the Competition Tribunal that they would face irreparable harm, including significant job losses and potential closures, if Nedbank did not reopen their bank accounts. The hearing followed Sekunjalo ’s application for an interim interdict compelling Nedbank to reinstate the accounts.
Advocate Katlego Monareng, representing Sekunjalo, argued that the Tribunal was not being asked to rule on whether prohibited conduct had occurred but rather to determine if a prima facie case existed for granting the interim relief. Monareng highlighted the dire consequences if banking facilities were denied, stating that no South African company could operate meaningfully in the economy without a bank account. He said that excluding a significant player like Sekunjalo from the mainstream economy should not become normalized and would lead to job losses at Premier Fishing, a Sekunjalo investee company employing 1,000 people, among them 90 vulnerable fishermen. Monareng noted that saving these jobs aligned with the goals of promoting competition and advancing employment. He also pointed out that Sekunjalo operated in sectors with high barriers to entry, where the absence of normal banking services would drastically increase transaction costs
BANKING COMPETITION SEKUNJALO ECONOMY JOB LOSSES
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