Banks must end bias against blacks

RECENT months have exposed the bias of the country’s banks as they appeared to be involved in a collusive act, targeting certain individuals and unfairly terminating bank accounts – making it impossible for them to trade.

The Sekunjalo Group, through its court battle with the banks, has not only helped shed light on the rogue activities of the banks but highlighted the fact that black African people are still victimised by the powerful capital which is in control of the banking and financial sector.

The Sekunjalo Group is a group of about 200 companies, 85 of which are off-scale in revenue and asset value.

It is a diversified black-owned and black-controlled group with interests in media and publishing, ICT, healthcare and pharmaceuticals, energy and power, asset management and financial services, biotechnology, e-commerce, fishing and aquaculture, private equity and investments, and telecommunications.

Given the history of dominance by the minority who, for the longest time, traded uninterrupted by the black-owned businesses, it is evident the Sekunjalo Group touched a nerve as it continued to dominate many areas.

Hence the group has been met with hostility by individuals in control of the financial sector who also have interests in businesses competing with the group.

Through the closure of the bank accounts, the group would be eliminated from competing with those it had dominated over the years, and this is why the group is fighting for its survival.

Through a long court battle to remain afloat, the group won its interim order to have its accounts opened as it argued it was unfairly being targeted while other whiteowned companies remained open despite compelling evidence of breach of regulations and financial laws.

In the need to prevent serious or irreparable damage to the Sekunjalo Group, the Competition Tribunal, in its interim ruling favouring the group, indicated that apartheid and other discriminatory laws and practices of the past have resulted in unjust restrictions on full and free participation in the economy by all South Africans.

Discriminatory laws in the banking sector still prevail and must be stopped so the country can flourish.