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.