Johannesburg – The Competition Tribunal has dismissed an interim relief application filed by Sekunjalo Investment Holdings (Pty) Ltd along with 27 of its subsidiaries, aimed at compelling Nedbank to reinstate their bank accounts.

The Tribunal made its announcement on Thursday, December 9, 2024.

On November 21, 2024, Nedbank notified Sekunjalo of its decision to terminate its banking relationship with several entities under the Sekunjalo umbrella.

Nedbank proceeded to shut down the bank accounts and related banking services on December 3, 2024.

On December 17, 2024, the Tribunal reviewed an urgent application from Sekunjalo, which sought an interim order to restore the accounts and all related banking services under the original terms prior to their termination.

“Sekunjalo requested the reinstatement of the bank accounts for either six months or until the conclusion of a hearing regarding a complaint about alleged prohibited practices filed against Nedbank with the Competition Commission, whichever comes first,” the Tribunal noted.

Nedbank opposed the request for interim relief.

The Tribunal indicated that a detailed explanation for its ruling would be provided at a later date.

Sekunjalo, which is the owner of Independent Media, has previously cautioned about severe repercussions, including possible job losses and business shutdowns, if its accounts with Nedbank remain inactive.

As per the company, up to 4,500 employees could be at risk of job losses.

Independent Media publishes a variety of newspapers, including The Star, Cape Times, Daily News, as well as several weekly publications and magazines.

Additionally, the company runs Independent Online (IOL).

Last year, Dr. Iqbal Survé from Sekunjalo secured an interim interdict from the equality court preventing Nedbank from closing several bank accounts.

However, the case ultimately reached the Constitutional Court in September 2024.

The highest court rejected Sekunjalo’s appeal against Nedbank’s decision to close the bank accounts of associated companies, stating that the application had “no reasonable prospects of success” and ordered Sekunjalo to cover the costs.