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Banks abuse of dominance litmus test: Competition Tribunal to weigh in on Sekunjalo challenge
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Everything media mogul Iqbal Survé touches is anathema to one of South Africa’s Big Four banks – the same bank that led the charge in cutting off the Gupta family from the banking system in 2016.
amaBhungane has established that on 27 August 2020 Absa sent letters to every client directly or indirectly controlled by Survé’s Sekunjalo Investment Holdings, giving 60 days’ notice of termination of services.
In subsequent court proceedings late last year, Absa general counsel Marthinus Janse van Rensburg insisted that “[Absa’s] continued association with customers in the Sekunjalo Group posed intolerable reputational, commercial and legal risks.”
The companies cut off from their banking facilities include Survé’s main JSE-listed vehicle, African Equity Empowerment Investments (AEEI), its separately listed subsidiaries AYO Technology Solutions and Premier Fishing & Brands, and all subsidiaries of the three companies. Sekunjalo-controlled Independent Media appears una
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Absa has cut all ties with companies directly or indirectly controlled by Iqbal Survé s Sekunjalo Investment Holdings.
The bank says keeping Sekunjalo companies as clients presents intolerable reputational, commercial, and legal risks .
The decision was kept secret for seven months – until a chance remark in Parliament two weeks ago.
Everything media mogul Iqbal Survé touches is anathema to one of South Africa s big four banks – the same bank that led the charge in cutting off the Gupta family from the banking system in 2016.
AmaBhungane has established that on 27 August last year, Absa sent letters to every client directly or indirectly controlled by Survé s Sekunjalo Investment Holdings, giving 60 days notice of termination of services.
Absa does a Gupta on Iqbal Surve, cuts all ties
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