Why Survé use of victim card won't work
Nedbank last month announced it was following the example of Absa, FNB, Investec, Mercantile Bank and Sasfin in severing its ties with companies linked to Iqbal Survé, chair of Sekunjalo Investments and of Independent Media.
Standard Bank has the Sekunjalo Group companies on review and is refusing to open new accounts.
In response, Survé has approached the Competition Commission and the Equality Court, alleging that the banks are a ‘cabal’ colluding with one another to bring about the ‘extinction’ of his companies and that they are motivated by a ‘racist’ desire ‘to wipe out voices that are committed to transformation and black economic empowerment’.
In a Mail & Guardian analysis, Ed Herbstsays the result of an amaBhungane investigation in August last year will have exacerbated their concerns. It showed a secret 2017 ‘subordination’ agreement signed by Dan Matjila, the PIC’s former CEO, that effectively nullified any attempts by the PIC to have the 2013 Independent Media loan repaid.
‘The South African Clothing and Textile Workers Union (Sactwu), apparently a victim of a similar ploy, is litigating for the return of its contribution to the 2013 Independent Media purchase and this, in turn, raises two further concerns: what is Survé’s word worth and has he ever negotiated in good faith? What clearly played a significant role in the decisions by these banks is the evidence relating to Survé and the companies linked to him, which was tendered under oath at the Zondo Commission of Inquiry into state capture and the Mpati commission of inquiry into malfeasance at the PIC.’
Herbst notes that the evidence before the Zondo Commission that Arthur Fraser personally diverted R20m from a SSA slush fund into the Survé-linked African News Agency to create propaganda on behalf of Jacob Zuma in a scam called Project Wave ‘will have reminded all of the above institutions of the Info Scandal in the 1970s when John Vorst er’s government adopted the same approach using a South African Defence Force slush fund’.
Article disclaimer: While we have made every effort to ensure the accuracy of this article, it is not intended to provide final legal advice as facts and situations will differ from case to case, and therefore specific legal advice should be sought with a lawyer.
