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BBC calls for the Competition Commission to probe alleged bank collusion

The Black Business Chamber yesterday called for the Competition Commission to investigate possible collusion between the countries four major banks in closing the accounts of Sekunjalo Investment Holdings, an empowerment company. Photo: File

The Black Business Chamber yesterday called for the Competition Commission to investigate possible collusion between the countries four major banks in closing the accounts of Sekunjalo Investment Holdings, an empowerment company. Photo: File

Published Feb 22, 2022

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The Black Business Chamber yesterday called for the Competition Commission to investigate possible collusion between the countries four major banks in closing the accounts of Sekunjalo Investment Holdings, an empowerment company.

The BBC could not be reached for comment to clarify the four banks, but Nedbank, Absa, Investec and FNB have closed Sekunjalo accounts.

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“Black Business Chamber is really aggrieved at the apparent possible collusion by the countries four major banks in closing the accounts of Sekunjalo Investment Holdings (and 43 of its subsidiaries), who happens to be of the Black owned company that have played a role in supporting SMMEs (small medium and micro enterprises), ” it said.

“Sekunjalo played a very big role in supporting the Grassroots Accelerator Competition and many of the organisations initiatives,” BBC said.

“Our call for investigation is based on the fact that the banks have shown bias when deciding on closing Sekunjalo bank accounts. There has been serious accusations levelled against various companies in various platforms like media and commissions. Such companies include, Steinhoff, EOH, Tongaat Hulett and the four banks themselves, when they collude in manipulating the rand value. There is no radical action that was taken against such companies like closing of their bank accounts,” it said.

The BBC said such a lack of action could not be explained in any other way than to conclude that Sekunjalo was being made a scapegoat to justify the lack of action against the other, possibly because it was a black owned business.

“Black Business Chamber is, therefore, calling for Competition Commission to investigate possible collusion between these banks,” it said.

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