These banks must face real consequences—consequences that send a clear message: no one is above the law, no matter how powerful they think they are, says the writer.
Image: Karen Sandison / Independent Newspapers
By Sipho Tshabalala
Nedbank and its cohorts stand exposed, yet again, for their brazen collusion against the Sekunjalo Group—a move that can only be described as a calculated act of economic warfare. This isn’t just a corporate scandal; it’s a deliberate assault on black economic empowerment and everything it represents in South Africa. The Competition Commission’s findings regarding these banks’ collusion are not new, but they remain unresolved—a disgraceful reminder of how powerful institutions exploit their positions to undermine progress.
We must not let the passage of time dull the urgency of this injustice. The evidence is irrefutable. Nedbank, alongside other banks, conspired to isolate Sekunjalo from the financial system, cutting off its access to critical services without justification. They cloaked their actions in the convenient excuse of “reputational risk” from the Mpati Commission, but Judge Lex Mpati’s affidavit demolished that lie. He made it clear that the Mpati Commission’s findings were investigative, not binding. Yet these banks weaponised those findings to justify their blatant discrimination, leaving no doubt about their true motives.
Let’s call this what it is: economic sabotage. Nedbank and its allies have unleashed their power to target Sekunjalo, a black-owned business that has stood tall as a beacon of transformation and hope. Their actions have caused devastation—thousands of jobs lost, families plunged into poverty, and communities left to pick up the pieces. This isn’t just an attack on one company; it’s an attack on every South African who dares to dream of a more inclusive economy.
And yet, Nedbank has the audacity to issue hollow denials, claiming they have made no accusations of wrongdoing against Sekunjalo. Their hypocrisy is staggering. In one breath, they distance themselves from direct allegations; in the next, they use discredited media reports to justify their punitive actions. Their actions speak louder than their carefully crafted letters—they are waging a war against economic transformation, and they think we will forget. But we won’t.
Dr. Iqbal Survé has been determined in his fight against these entrenched corporate bullies. He warned us long ago of the dangers posed by institutions determined to cling to power and suppress change. The Competition Commission’s referral of this case to the Competition Tribunal is a step in the right direction, but it is far from enough. These banks must face real consequences—consequences that send a clear message: no one is above the law, no matter how powerful they think they are.
We’ve seen this playbook before. When a black-owned enterprise rises to challenge the status quo, the old guard circles its wagons. They call it “risk management,” but we see it for what it truly is: fear. Fear of losing control. Fear of progress. Fear of a future where they no longer dictate the terms. Their desperation is evident, but their days of unchecked power are numbered.
To the public: this is your fight too. This is about more than Sekunjalo. This is about dismantling a system that prioritises profit over people, exclusion over inclusion, and power over fairness. It’s about standing up to institutions that have grown too comfortable in their arrogance. If we let this injustice stand, we are complicit in allowing these banks to continue their reign of economic terror unchecked.
Nedbank and its allies have underestimated the resilience of those who believe in transformation. They have misjudged the will of a people who refuse to be silenced. Sekunjalo’s resilience in the face of this onslaught is a testament to the strength of those who fight not just for themselves but for the promise of a better South Africa.
This is a defining moment. The outcome of this battle will set the tone for the future of our economy. Will we allow the old guard to continue their stranglehold, or will we rise to demand accountability and justice? Justice for Sekunjalo is justice for every black entrepreneur, every worker, every family that dares to hope for a brighter future
We cannot let them win. We cannot let them rewrite the narrative or bury their crimes beneath a mountain of bureaucracy and delay. The people of South Africa must hold these institutions accountable. The time for silence has passed. The time for action is now.
Nedbank, we see you. We see your games, your excuses, and your attempts to crush those who dare to challenge you. But you will not prevail. The people of South Africa will not let you. Justice will be served, and your time of impunity is coming to an end.
* Sipho Tshabalala is an independent writer, commentator and political analyst.
** The views expressed do not necessarily reflect the views of IOL or Independent Media.