Business Maverick

THE BIG BANKS BOOT

Standard Bank also cuts ties with Iqbal Survé’s Sekunjalo Group

Standard Bank also cuts ties with Iqbal Survé’s Sekunjalo Group
Iqbal Survé, chair of Sekunjalo Investments, which is invested in more than 30 companies, including AYO Technology. (Photo: Gallo Images / Phill Magakoe)

Standard Bank this week confirmed that, following a ‘comprehensive client review process’, it has decided to sever ties with the Sekunjalo Group. It is the last of the big four banks to do so.

Standard Bank’s move does leave one questioning how Iqbal Survé, chair of Sekunjalo Investments – which is invested in more than 30 companies, among them Independent Media, African Equity Empowerment Investments, AYO Technology and Premier Fishing & Brands – plans to continue running his businesses if no banks want to deal with his companies. 

Other banks that have already slammed the door on Survé include FirstRand which owns FNB, Nedbank, Absa, Mercantile Bank, Sasfin, Investec Bank, Bidvest Bank and Access Bank. 

Standard Bank’s official media statement says the bank considered a number of factors related to the Sekunjalo Group, some of which are in the public domain, and applied its risk management principles against which all prospective and existing clients are evaluated and assessed. 

Sekunjalo was provided with numerous opportunities to respond to various identified concerns and, earlier this year, Standard Bank confirmed that it was still waiting on responses to queries raised in July last year. 

However, citing confidentiality, the bank did not disclose reasons for its decisions and referred media to Sekunjalo for further information.

Just last month, Survé won an interim interdict in the equality court in Cape Town, preventing Nedbank from shutting all its accounts on grounds of racial discrimination. 

Handing down the ruling, Judge Mokgoatji Dolamo said that other banks would be unlikely to accept the Sekunjalo Group and its subsidiaries as clients if Nedbank shut down the group’s accounts. Nedbank was ordered to reopen any accounts it had closed and to pay Sekunjalo’s costs. Regardless of that ruling, Dolamo’s words have proved somewhat prophetic.

So, why are all the banks shutting Sekunjalo out? 

The answer lies in the controversy over the investments made by the Public Investment Corporation (PIC) in several Sekunjalo companies. 

Former PIC head Dan Matjila was allegedly friendly with Survé when the investments were made, and concerns have been raised over the due diligence (or lack thereof). 

The PIC is currently suing Independent Media, Sekunjalo Independent Media and AYO Technology – all of which are associated with Survé – to recover lost funds.

Sekunjalo is challenging Standard Bank’s decision via the high court. The bank has indicated it will be opposing this action, while noting that it will abide by any orders granted by the Competition Tribunal and/or the high court. BM/DM

Gallery

Comments - Please in order to comment.

  • Beyond Fedup says:

    All these scumbags have left in their armoury is playing the race card. Really surprised at the judge who ruled as he conveniently ignored the very serious illegal and downright crooked transgressions and misrepresentations committed by a renowned scoundrel and fraudster who hides behind BEE to enrich himself at the expense of others and keep his companies going. Impunity in this country is unfortunately a grievous fact of life, allowing these crooks to enjoy the fruits of their theft. It has to stop and justice must be served!

  • Wendy Dewberry says:

    Aaah “Dr” Surve – your chickens are coming home to “roast”.

  • Andrew C says:

    Surprise, surprise, Survé is blaming Gordhan and Ramaphosa claiming they are trying to silence IM for exposing corruption. He is shameless.

  • Manfred Hasewinkel says:

    IOL’s take on this is that media freedom is under serious threat, quite funny. On a more serious note, IOL have actually upped their game over the recent year.

  • Chris 123 says:

    Shame but hey, give the Guptas a call Maybe their guy at Boroda bank is still there 💰😉

  • Johan Buys says:

    Why has any bank maintained ties with this crook at all for the last decade? Please sue me doctor. Standard bank should donate all its fees from the “doctor” for past decade to Imtiaz Sooliman as a matter of urgency and common decency.

  • jcdville stormers says:

    He epitomizes “the world according to Garp”,besides being sponsored by PIC under Zuma/Gupta wasted “high treason “years!!!

  • Gerrit Marais says:

    Everyone of his publications should carry a warning “Printed with stolen money”.

Please peer review 3 community comments before your comment can be posted

We would like our readers to start paying for Daily Maverick...

…but we are not going to force you to. Over 10 million users come to us each month for the news. We have not put it behind a paywall because the truth should not be a luxury.

Instead we ask our readers who can afford to contribute, even a small amount each month, to do so.

If you appreciate it and want to see us keep going then please consider contributing whatever you can.

Support Daily Maverick→
Payment options