The Competition Tribunal has dismissed an application for interim relief by Sekunjalo Investment Holdings and 27 of its entities which had sought an order to compel Nedbank to reinstate their bank accounts.
On November 21 last year, Nedbank notified Sekunjalo of its decision to terminate its banking relationship with various Sekunjalo entities. Nedbank terminated the bank accounts and associated banking services on December 3.
“On December 17 2024, the tribunal heard an urgent interim relief application by Sekunjalo, which sought 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,” the tribunal said on Thursday.
It said Sekunjalo had 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 came first.
Nedbank opposed the application.
The tribunal said detailed reasons for its ruling would be provided in due course.
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