Court orders Nedbank to leave all Sekunjalo accounts open

SHARE

Share on whatsapp
Share on facebook
Share on twitter
Share on linkedin
Share on google
Share on email
Share on print
iqbal-surve-plays-victim-card-again-this-time-at-competition-commission-and-equality-court-absa-fnb--1500033535981375489
[Picture: Head Topics]

Nedbank must leave all Sekunjalo’s accounts open until the Equality Court rules on the matter on April 8.

The court is hearing the company’s case against several banks that have threatened to close Sekunjalo’s accounts, allegedly over the findings of the Mpati Commission report.

Nedbank’s decision was meant to come into effect as of March 15. But this could affect 8 500 people employed by Sekunjalo. Nedbank is basing its decision on an earlier Supreme Court of Appeal case.

The SCA found that banks have the right to close a client’s account on reasonable notice, without having to demonstrate good cause.

Nedbank also claims that it can close the accounts of a business if there is perceived reputational risk.

News Headlines

May 18, 2022
Fajr Athaan

06:10

22:00 Minutes
Prayer Begins Athaan
Fajr06:07 06:10
Sunrise07:34
Thuhr12:43 12:46
Asr15:32 15:35
Maghrib17:51 17:54
Isha19:13 19:16
Open chat