The Competition Tribunal (“Tribunal”) has dismissed an interim relief application by Sekunjalo Investment Holdings (Pty) Ltd and 27 of its entities (collectively, “Sekunjalo”) seeking an order to compel Nedbank to reinstate their bank accounts.
 
On 21 November 2024, Nedbank notified Sekunjalo of its decision to terminate its banking relationship with various Sekunjalo entities. Nedbank terminated the bank accounts and associated banking services on 3 December 2024.
 
On 17 December 2024, the Tribunal heard an urgent interim relief application by Sekunjalo, which sought an interim order to reinstate or restore the accounts and all associated banking services under the same terms and conditions that existed prior to the termination.

Sekunjalo requested the reinstatement of the bank accounts for either six months or until the conclusion of a hearing into the alleged prohibited practices complaint against Nedbank, filed with the Competition Commission, whichever comes first. Nedbank opposed the interim relief application.
 
Detailed reasons for the Tribunal’s ruling will be provided in due course.