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News 1 Jan 2023

Sekunjalo Appeal to the Constitutional Court

On 21 July 2023, the Competition Appeal Court (CAC), handed down a judgment in favour of Standard Bank (and 2 other banks), finding that there was no evidence that the banks directly co-ordinated with each other in refusing to deal with the Sekunjalo group of entities (Sekunjalo Group).

The CAC found that there was no legal, let alone factual basis to find that Standard Bank contravened the Competition Act, and costs were awarded in Standard Bank’s favour. Given the favourable ruling, Standard Bank re-instated its decision to terminate banking services to the Sekunjalo Group.

The Sekunjalo Group has since filed an application to the Constitutional Court, for leave to appeal the decision of the CAC, and because of this step in the litigation process, Standard Bank has agreed, for the time being to hold off on implementing its decision.

Standard Bank’s actions will be guided by its obligations under law and it will continue to respect court processes.  Standard Bank will be opposing the appeal to the Constitutional Court.

Standard Bank has noted the negative media sentiment advanced in certain media publications in response and strongly refutes the claims that Standard Bank does not support media freedom or has been motivated by political or other interests.  Standard Bank fully supports and has always upheld the freedom of the press and the important role that media plays in society.