IN a bold move to seek justice and reparation for years of unwarranted victimisation, Sekunjalo Investment Holdings (Sekunjalo) has announced its decision to pursue legal action against President Cyril Ramaphosa and various state organs.
The group alleges a calculated loss of about R75 billion, emphasising that this step is a last resort after enduring systemic persecution that has not only threatened the company’s sustainability but also led to significant job losses and immeasurable pain for its employees and their families.
The losses suffered by Sekunjalo go beyond mere financial figures, as the group asserts that the toll has deeply affected the livelihoods and well-being of dedicated employees and their families.
Sekunjalo chairman Dr Iqbal Survé, said: “Our action is not just a fight for compensation; it’s a fight for fairness, accountability, and the protection of the rights of our companies, employees, and stakeholders.”
The catalyst for this legal action lies in what Sekunjalo describes as years of unjust actions by certain elements of the government, including the weaponisation of the Mpati Commission.
Originally launched to investigate alleged misdemeanours and impropriety at the Public Investment Corporation (PIC), the commission shifted its focus to companies associated with Sekunjalo, going beyond its own set terms of reference and timeframe.
The skewed narrative presented by the Mpati Commission has raised concerns about the fairness and impartiality of the investigation, leading to a formal review of its outcomes, which have had severe repercussions for the Group.
Another glaring example of the State’s questionable actions was the “Hollywood-style” raid of Sekunjalo's offices by the Financial Sector Conduct Authority (FSCA).
Sekunjalo contends that this raid was designed to cause public harm to the image of their companies rather than being a genuine investigation into alleged wrongdoing.
Additionally, the wholesale and systematic closure of company and individual bank accounts has taken a severe toll on the normal functioning of Sekunjalo and its affiliated entities.
Remarkably, these bank account closures on such a massive scale, without any disclosed reasons other than, in some instances, vague references to the Mpati Commission – which found no actual wrongdoing by any Sekunjalo company – are unprecedented not only in South Africa but also globally.
Particularly concerning is the fact that these closures have occurred without any charges being laid against Sekunjalo, its executives, or associated personnel.
The lack of transparency in these actions raises questions about due process, accountability, and adherence to the rule of law.
Survé emphasised that Sekunjalo’s legal action is a response to deliberate and reckless acts by certain persons and organs of state that have jeopardised the company’s operations and, consequently, the livelihoods of thousands of employees.
The group seeks not only compensation for the financial losses incurred but also to clear its name once and for all and a broader commitment to fairness, accountability, and the protection of the rights of businesses, employees, and stakeholders in the country.
Sekunjalo’s case highlights concerns about the potential abuse of power, lack of transparency, and the need for accountability within the government.
The company also hopes the outcome of this lawsuit will protect corporate entities against unjust persecution, often executed through underhanded means by the government and public entities.
No entity (public or private) has a right to economically sabotage another company without any recourse.