Banks refuse to open NFP accounts
Banks are refusing to open accounts for the National Freedom Party (NFP), which is in debt to the tune of R45m and faces a fresh liquidation application from a creditor, says a News24 report.
According to the party's treasurer, Munzoor Shaik Emam, Nedbank, Standard Bank, Absa and other banks have made it clear they will not open accounts for the NFP due to squabbling among party leaders.
Emam claimed that one faction even ‘manipulated’ the process of opening a new bank account for the party, but the best they could do was to open a constituency bank account.
Emam –who is the acting chairperson of the interim national executive committee (INEC) – has been trying to put out faction fires between two groups, known as Faction A and Faction B.
The factions appeared in court on 12 January with regard to the legitimacy of the provincial and national conferences, which were held late last year.
Emam said the INEC and court orders were by-passed by ‘Faction B’.
While he said the party now faced a liquidation application from one of the creditors, he did not provide the documents or details around the case.
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.
