SA black businesses asks for probe into bank collusion

• PHILIPPA LARKIN

THE South African Black Business Chamber (BBC) yesterday called for the Competition Commission to investigate possible collusion between the country’s 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.

“Black Business Chamber is really aggrieved at the apparent possible collusion by the country’s four major banks in closing the accounts of Sekunjalo Investment Holdings (and 43 of its subsidiaries), which happens to be one of the black-owned companies 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 organisation’s 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 have 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.

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

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

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