By Sipho Tshabalala
In the wake of the recent ruling by the Constitutional Court (ConCourt) on an interdict, which is an interim order to keep Sekunjalo’s accounts open, it is important to note that the Court has not yet ruled on the main case against Nedbank, which still needs to be heard. The Sekunjalo Group, a black-owned conglomerate committed to transformation, remains resolute in its fight for justice against the discriminatory practices of South African banks, particularly Nedbank. Despite the media spin, propagated by journalists like Karyn Maughan, the ConCourt ruling is not the final chapter in this ongoing legal battle. Sekunjalo remains confident that the real fight, which is yet to take place in the Equality Court, will vindicate them and expose the deeply ingrained racial and economic prejudices at play.
It is crucial to clarify that the ConCourt is not the main case. The main legal battle is still pending in the Equality Court, where Sekunjalo has full confidence that justice will prevail.
Sekunjalo has been the target of what can only be described as a coordinated smear campaign of reputational sabotage, led by apartheid-era oligarchs, their media allies, propaganda journalists and certain banks. These groups have sought to undermine Sekunjalo's position as a leading black-owned business in South Africa’s economy. Central to this campaign is the false narrative, propagandist like Karyn Maughan, that the Constitutional Court case is the main case. Maughan has repeatedly spread misinformation, conflating the separate issues of the Sekunjalo-Nedbank case with unrelated matters such as the PIC and AYO matter which has been setted. Not only is this misleading, but it is also designed to discredit Sekunjalo’s legitimate business operations and their right to trade.
Sekunjalo has continuously adhered to the law and respects the South African Constitution and Bill of Rights. The crux of the current legal battle is rooted in the group's right to fair treatment under these very principles. Sekunjalo has been a pioneer in challenging the discriminatory practices of South African banks, which have systematically targeted black-owned businesses while turning a blind eye to the transgressions of white-owned companies like Steinhoff, EOH and Glencore, all of which have been implicated in major corruption scandals. Despite being embroiled in a R150 billion corruption scandal, Steinhoff’s bank accounts remained open, and the company was treated with kid gloves. Meanwhile, banks, led by Nedbank, moved swiftly to close Sekunjalo’s accounts without substantial evidence to justify such drastic action.
In fact, the Western Cape Equality Court previously ruled in Sekunjalo’s favour, with Judge Mokgoatji Dolamo noting that Nedbank had failed to provide proof of reputational harm. Dolamo emphasised that without concrete evidence of such risk, closing Sekunjalo’s accounts was unjustified. The Equality Court’s ruling not only underscored Sekunjalo’s right to operate but also highlighted the broader constitutional issues at stake, including the right to trade and protection against unfair discrimination. Yet, despite this victory, the banks persist, continuing their racially charged attack on Sekunjalo, all while apartheid-era oligarchs and their allies in the media fuel the fire.
The appointment of an all-white bench at the Supreme Court of Appeal (SCA) to preside over Sekunjalo’s discrimination case is unprecedented in the last five years. Never before has the SCA assigned five white judges, especially in a case centred on racism and discrimination. This had raised serious concerns about the court’s commitment to fairness and impartiality in addressing racial issues.
It is worth noting that Sekunjalo’s primary concern in this case is not just about their right to operate, but also about the broader implications for all black-owned businesses in South Africa. The group’s fight is emblematic of a larger struggle against the apartheid-era structures that continue to dominate the country’s economy and financial institutions. Sekunjalo’s ongoing battle against the banks represents a fight for the economic inclusion of previously disadvantaged groups and the transformation of South Africa’s business landscape.
The media’s — News24 and Daily Maverick — portrayal of Sekunjalo as a reputational risk is not only unfounded but also part of a deliberate attempt to suppress the rise of black-owned businesses in the post-apartheid era. The banks’ actions, supported by apartheid-era media outlets — News24, reveal a deep-seated resistance to transformation and an unwillingness to relinquish economic control. This is not just about Sekunjalo; it is about the systemic racism that continues to marginalise black individuals, entrepreneurs and businesses in South Africa.
As Sekunjalo prepares for the main case in the Equality Court, they remain confident in their ability to prove that they have done nothing wrong and that their rights under the Constitution are being violated. The group is determined to continue its fight against the apartheid oligarchs who seek to exclude them and other black-owned businesses from the economy. Their battle is not just for their survival, but for the future of economic justice and equality in South Africa.
Sekunjalo’s unwavering commitment to transformation, ethical business practices, and social justice will continue to guide them in this fight. They welcome the opportunity to fully argue their case in the main court, where they believe the truth will come to light and justice will be served. The outcome of this battle will have far-reaching implications for all transformed businesses in South Africa, and Sekunjalo is ready to lead the charge in securing fair and equitable access to the country’s financial system.
* Sipho Tshabalala is an independent writer and commentator.
** The views expressed do not necessarily reflect the views of Independent Media or IOL.