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Iqbal Survé's Sekunjalo Group has suffered another blow in its war with South Africa's banks, after the Constitutional Court dismissed – with costs – its efforts to appeal a ruling that allowed three of them to close its accounts.
The apex court on Monday unanimously dismissed Sekunjalo's attempt to challenge a Competition Appeal Court (CAC) ruling that found that it had failed to make a prima facie case that Standard Bank, Access Bank and Mercantile Bank had committed a "prohibited practice" under the Competition Act by closing accounts belonging to its companies.
Survé had earlier argued that the closure of the Sekunjalo Group's bank accounts constituted an abuse of dominance and/or collusive conduct in contravention of the Competition Act – but the CAC was unconvinced.
