8chan/8kun QResearch SOUTH AFRICA Posts (1)
#19355921 at 2023-08-14 13:16:45 (UTC+1)
Q Research South Africa #11: Diamonds, Gold, and War Edition
>>19355910
>This is a huge win for media freedom.
>>19335719
>"Discrimination on one or more of the grounds listed in subsection (3) is unfair unless it is established that the discrimination is fair." https://justice.gov.za/legislation/constitution/SAConstitution-web-eng-02.pdf
"Commercial banks tear into Iqbal Surv?'s claims of collusion on the closure of his businesses' bank accounts"
https://www.dailymaverick.co.za/article/2022-03-07-commercial-banks-tear-into-iqbal-surves-sekunjalo-claims-of-collusion-on-the-closure-of-his-businesses-bank-accounts/
07 Mar 2022
Excerpts below
Iqbal Surv?, chair of Sekunjalo Investments, has played the victim card again, this time at the Competition Tribunal. He wants FirstRand, Absa, Mercantile Bank, Sasfin Bank, Investec Bank, Bidvest Bank and Access Bank to restore the bank accounts of Sekunjalo and its other entities. He also wants Nedbank and Standard Bank to be prohibited from terminating their banking relationship with his businesses.
And because of this, the banks - mainly Nedbank, Standard Bank, and FirstRand (owner of FNB) - want the Competition Tribunal to toss out an application brought by Surv?'s companies that seeks to force the banks to temporarily reverse their decision. Other banks, including Absa, Mercantile Bank, Sasfin Bank, Investec Bank, Bidvest Bank and Access Bank have joined the court action. The Competition Tribunal acts as a court on antitrust matters.
Surv? is the chair of Sekunjalo Investments, a company that is invested in more than 30 companies, among them Independent Media, African Equity Empowerment Investments, AYO Technology and Premier Fishing & Brands.
Absa, in late 2020, became the first major bank to cut ties with Sekunjalo by closing the bank accounts of its entities, saying its continued association with Surv?'s businesses posed "intolerable reputational, commercial, and legal risks".
Other banks, including Nedbank, Standard Bank, Investec, Mercantile and Sasfin, have followed in Absa's footsteps by either reviewing their banking relationship with Sekunjalo and its entities or completely terminating it.
This is due to the serious nature of various allegations levelled at Surv?, contained in a final report by a commission of inquiry led by Judge Lex Mpati into the governance affairs of the Public Investment Corporation (PIC).
The commission's report found that many of the PIC's now ill-fated multibillion-rand investments in Sekunjalo companies were not concluded based on investment merits. But the "close relationship" between the former PIC CEO Dan Matjila and Surv? influenced the PIC to invest in the latter's entities. The PIC has since launched court action against Surv? and Sekunjalo to recover any monies awarded irregularly.
Surv? fires the first shot
In December 2021, Sekunjalo lodged a complaint at the Competition Commission against nine commercial banks, accusing them of engaging in anti-competitive behaviour, abusing their dominance and breaching the Competition Act when they decided to cut ties with his companies.