An appeals court has upheld the decision taken by three banks to stop offering their services to companies in Iqbal Survé's Sekunjalo group.
Banks started to pull their banking services following the publication of the findings of the Mpati Commission of Inquiry's Report into the Public Investment Corporation , citing fear of reputation damage. It recommended that the state-owned asset manager conduct a forensic review of its transactions with the Sekunjalo Group.
Following the account closures, Sekunjalo and Survé brought urgent applications to the Equality Court and the Competition Commission. They also applied for a review of the findings of the Mpati Commission.
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