Banks Stand Against Sekunjalo’s Petition for Relief Order Extension

The world of South African banking has heated up as some of the country's biggest financial institutions alarmed the Competition Tribunal regarding potential "legal chaos"—making it a matter of high concern.

In 2022, the Tribunal granted interim relief to Sekunjalo in connection to the closure of its banking facilities. Sekunjalo recently requested an extension of this interim relief, igniting a heated exchange between the financial giants and the company.

The banks, including Standard Bank, warned the tribunal that granting this extension to Sekunjalo could result in substantial legal complications. The bank and the company engaged in a deep-seated legal battle during the tribunal's session held last Thursday.

In the previous year, the tribunal ruled that Standard Bank, along with other leading firms, had acted unilaterally in refusing to transact business with Sekunjalo entities, which led to the granting of the original interim relief.

The recent stand by the banks casts further light on the ongoing tense association between Sekunjalo and South Africa's major financial institutions.