Sekunjalo Group executive chairman Dr Iqbal Survé is preparing a series of legal actions against SA's banks whom he said claim reputational risk despite being guilty of misconduct at times.

In papers filed with the Equality Court in the Western Cape, he said there was evidence of collusion between the country's major banks, as they were all following the same patterns in severing ties with the Sekunjalo and related entities.

According to a Cape Times report, Survé said the banks had a serious case to answer as they had violated the group's constitutional rights.

He is asking the court to declare that the banks' conduct constitutes unfair discrimination and that their decisions to close the group and its related entities' bank accounts should be overturned.

In a statement to the Equality Court, Survé said no Sekunjalo company had ever been involved in corruption or money laundering. He said this was acknowledged by the banks, yet they kept claiming reputational risk.

‘The banks' egregious conduct against the Sekunjalo Group and its related entities is a collective punishment as all the companies are affected. There is evidence of collusion because all the banks follow the same patterns and processes… It is a copy and paste of letters of all the banks which are sent to all the companies.’

Survé said they all cited reputational risk, the Mpati Commission or negative media reports, without trying to verify whether these reports were correct or not.

The banks also treated all the companies and entities the same.

‘It is by association with myself and Sekunjalo, irrespective of whether the relationships are new or old, existent or not.’

Full Cape Times report