Competition Tribunal dismisses Sekunjalo’s interim relief application against Nedbank
The Competition Tribunal has dismissed an interim relief application sought by Sekunjalo Investment Holdings and twenty-seven of its entities seeking an order to compel Nedbank to reinstate their bank accounts.
The Competition Commission advised Nedbank to distance itself from Sekunjulo because it had potentially violated competition law.
In November, Nedbank notified Sekunjalo of its decision to terminate its banking relationship with various Sekunjalo entities, and did so in December.
The Tribunal then heard an urgent interim relief application by Sekunjalo, for an interim order to reinstate or restore the accounts and all associated banking services under the same terms and conditions that existed prior to the termination.
Sekunjalo requested the reinstatement of the bank accounts for either six months or until the conclusion of a hearing into the alleged prohibited practices complaint against Nedbank, filed with the Competition Commission, whichever comes first.
Nedbank has opposed the interim relief application.
Detailed reasons for the Tribunal’s ruling will be provided in due course.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation