Banks are 'shutting their doors' to Survé's Sekunjalo businesses: Standard Bank explains why

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Iqbal Survé's Sekunjalo has turned to the Competition Tribunal to interdict banks from closing their bank accounts. But Standard Bank says Sekunjalo won't answer simple questions.
Iqbal Survé's Sekunjalo has turned to the Competition Tribunal to interdict banks from closing their bank accounts. But Standard Bank says Sekunjalo won't answer simple questions.
Photo: Lerato Maduna

Standard Bank, the only one of the Big Four banks that has not closed the accounts of Sekunjalo companies, says it has been waiting for answers on concerns it had been raising since July 2021.

Sekunjalo dragged Standard Bank and eight others before the Competition Tribunal on Monday, saying they have abused their market dominance when they cancelled its banking accounts.

The owner of Independent Media lodged the complaint with the Competition Commission in December 2021. It believes banks have conspired to perpetrate a "cancel culture" against Sekunjalo's entities.

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