Gift an article

Banks on Sekunjalo businesses: The FICA risk is not worth their banking fees

accreditation
Share your Subscriber Article
You have 5 articles to share every month. Send this story to a friend!
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
loading...
Loading, please wait...
0:00
play article
Subscribers can listen to this article
Banks say the Mpati Commission's findings against Sekunjalo chairman, Iqbal Survé made the company and its related businesses too costly to monitor as required by FICA.
Banks say the Mpati Commission's findings against Sekunjalo chairman, Iqbal Survé made the company and its related businesses too costly to monitor as required by FICA.
Wessel Oosthuizen

Some of the closed bank accounts of Sekunjalo entities lay dormant for years or had not been used at all, the Competition Tribunal heard on Tuesday.

Sasfin Bank said some Sekunjalo-linked companies never used the accounts they opened because they never complied with the Financial Intelligence Centre Act (FICA) requirements from the get-go.

Sekunjalo had dragged nine banks before the Competition Tribunal, hoping to compel them to reopen bank accounts of its entities and prevent further closures.

Read this for free
Get 14 days free to read all our investigative and in-depth journalism. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed.
Subscribe
Already a subscriber? Sign in
Rand - Dollar
18.04
-0.5%
Rand - Pound
19.59
-1.0%
Rand - Euro
17.44
-0.5%
Rand - Aus dollar
11.73
-0.3%
Rand - Yen
0.13
-0.3%
Gold
1,645.53
+0.1%
Silver
18.83
-0.2%
Palladium
2,052.30
-1.0%
Platinum
865.50
+0.8%
Brent Crude
86.15
-5.0%
Top 40
56,878
-0.4%
All Share
63,154
-0.4%
Resource 10
55,830
-0.9%
Industrial 25
78,799
+0.5%
Financial 15
13,940
-1.4%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders