The Sekunjalo Group And Banks
Cases type: Interim Relief
Competition Tribunal to hear Interim Relief Application by 36 Applicants collectively referred to as “The Sekunjalo Group” versus the Banks
The hearing will be held online (via Microsoft Teams) as follows:
Date: Monday, 7 March 2022 – Tuesday, 8 March 2022
Time: 10h00 SAST
Those wishing to follow the proceedings are requested to contact the Tribunal’s Communications Officer (contact details below) for the online hearing link
This matter involves an application for interim relief brought by the Sekunjalo Group (36 Applicants) against nine banks (the Respondents), pending the final determination of the Sekunjalo Group’s complaint lodged with the Competition Commission in December 2021.
The Applicants claim that the conduct of the banks, in terminating the banking relationship with them and/or refusing to provide banking and payment services to the Applicants, constitutes an abuse of dominance and/or collusive conduct in contravention of the Competition Act.
The Applicants are asking the Tribunal for an (interim relief) order, among others, that:
- Nedbank and Standard Bank be prohibited from terminating their relationship with the Sekunjalo Group, including the closure of the Sekunjalo Group’s bank accounts; and
- First Rand Bank Limited, Absa Bank Limited, Mercantile Bank Limited, Sasfin Bank Limited, Investec Bank Limited, Bidvest Bank Limited and Access Bank Limited are directed to restore all the bank accounts of the Sekunjalo Group.
Gillian de Gouveia, Communications Officer
On behalf of the Competition Tribunal of South Africa
Cell: +27 (0) 82 410 1195