Sekunjalo Group challenges closure of banking accounts by major banks

The closure of the Sekunjalo Group’s banking accounts by Nedbank and several other major banks is unjustified and irrational, the Competition Tribunal was told on Tuesday by the group in its urgent bid for these banks to reopen these accounts.This comes in the wake of the recent finding by the Competition Commission that these banks were guilty of colluding to push the Sekunjalo group out of the banking market.Sekunjalo and 27 of its companies are asking for an urgent interim order forcing these banks to reopen its bank accounts and to again do business with it until the conclusion of…