Sekunjalo has won their court case over Standard Bank Photo Naashon Zalk/Bloomberg/MoneyWeb
South Africa – “We as South Africans need to start waking up,” this was the message from Tahir Maepa, Public Service And Commercial Union Secretary General (PSCU), after Independent Media and 30 other companies in the Sekunjalo Group (Sekunjalo) won their case against Standard Bank. This victory not only holds immense significance for Sekunjalo but also for media and press freedom, as well as democratic principles in the country.
Sekunjalo found itself embroiled in a legal battle with Standard Bank when the bank made the controversial decision to close Sekunjalo’s bank accounts. The reason cited was reputational risk based on unfavourable reporting by rival media outlets, which they have yet to prove. The judgement was delivered on Thursday, at the eleventh hour of Standard Bank’s planned closure of the accounts on Friday, September 15.
The significance of Sekunjalo’s victory for democracy
Maepa emphasised that Sekunjalo’s triumph holds immense significance, extending well beyond the confines of the company itself. This victory resonates not only with Dr. Iqbal Surve, the Chairman of Sekunjalo Investment Holdings, but with all media entities in South Africa. It symbolises a greater and more profound achievement that transcends the individual and embraces the collective aspirations of the media industry and the nation as a whole.
“We all know how powerful banks are … This is one of those battles that are worth fighting. It’s like when our forebearers decided that the system of Apartheid cannot be allowed to flourish because it’s a system that is unjust. We all know that the banks are so unjust. Especially where we are concerned as black people. Where we’ve been treated negatively for many years. for a very long time. This victory is one step towards rectifying the rot and the sickness in the banking system.”
On Tuesday, the Group applied for an urgent interim interdict against Standard Bank in the Western Cape High Court. The closure of Sekunjalo’s accounts highlighted the dangers of banks having the authority to decide what constitutes “reputational risk” in media reporting. For Maepa, the move to close Sekunjalo’s accounts on these grounds was a clear challenge to freedom of speech.
“I still believe that this whole fight, it’s about destroying freedom of speech because the media plays a very vital role. Are you saying that, for instance, if Independent Media can start writing negative reports about other media institutions, are the banks supposed to go and close those bank accounts based on negative reporting? This is not how things should be … The banks cannot enter that arena. Their role is to make sure that the people who bank with them comply with the financial rules of the country. They are the ones who are supposed to make sure that money laundering and all these negative things that are happening within the banking system are not supposed to be happening.”
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The banks vs the media
The importance of media freedom cannot be overstated because it ensures the dissemination of accurate information, which is crucial for informed decision-making and preventing potential disasters in the country. All forms of media, regardless of their ownership or affiliation, should operate without external influences.
“Consumers of this information must be fed with what is truthful, fair so that when we take decisions, we take decisions based on truthfulness. Currently, unfortunately, that’s not what we are seeing. We are seeing financial institutions entering a fray that is not their jurisdiction. This democracy was achieved through blood and we cannot allow it to be snatched away from us like pickpockets down the road in Johannesburg. We need to make sure that we protect it with everything that we have.”
Financial institutions like “Nedbank, Standard Bank, and Absa” must either “voluntarily change from your wicked ways or we will have to change you forcefully”. Democracy, achieved through sacrifice, must not be jeopardised by external influences, said Maepa. The future of South Africans must be decided by themselves, not by financial institutions.
Sekunjalo’s victory over Standard Bank signifies more than a legal triumph; it symbolises the resilience of democracy and the importance of a free press. The fight for freedom of speech and against undue influence on the media should concern us all. As South Africans, we must remain vigilant and unwavering in our commitment to a democracy governed by the rule of law, where the press is free from external influence. Our democracy is a precious asset, and it is our responsibility to safeguard it.
