In a shocking turn of events, Standard Bank, the largest financial institution in the country and the biggest bank when measuring capital, is under intense scrutiny for its aggressive closure of Independent Media’s banking accounts.
Independent Media is South Africa's largest newspaper publisher.
Standard Bank's shareholders are the Industrial and Commercial Bank of China Limited, the Public Investment Corporation (PIC) and Coronation Fund Managers.
An independent media plays a crucial role in any democratic society by serving as a check on power and is a source of unbiased information.
It provides a platform for diverse voices and critical perspectives that may be otherwise marginalised in mainstream media.
To close the bank account of any organisation raises serious concerns, but to close those of an independent media organisation is to challenge media freedom, as well as question the absolute power of the banking fraternity.
And so it is that Independent Media, which has consistently covered stories that challenge the status quo and investigated issues of public interest, has suddenly found itself facing an existential threat, with the imminent closure of its own bank accounts and that of its allied media companies.
Being outspoken is our job. We are not here to curry favour or to publish what we are told.
No, as an independent media organisation, we bring to light to powerful stories that affect our citizenry and the people who live and work in post-apartheid South Africa.
Our job is to expose corruption and what is good about this country and the people helping to make it a better place.
Overwhelmingly, we believe, as reporters and news people, that our job is to present the country to readers – warts and all.
In doing so, we have, of course, trampled on some feet and exposed things that the corruptible would rather remain hidden. This wins us enemies as well as friends.
To put this organisation under even more pressure by terminating its transactional facilities raises suspicions of censorship and undue pressure on us to toe a certain line, compromising our ability to report without fear or favour, as it would to any media organisation, were they to find themselves in a similar position.
Beyond the philosophical aspect of media freedom, the potential bank account closure will have immediate and far-reaching consequences for the affected companies and their collective 1 600 employees.
The sudden freeze on Independent Media’s bank account could cripple the organisation's day-to-day operations, leading to a domino effect of job losses and financial instability.
The closure of Independent Media’s bank account by Standard Bank sends a chilling message to other media organisations and potential investors.
It creates an atmosphere of fear and self-censorship, as media outlets may feel compelled to avoid controversial stories or critical investigations to avoid similar repercussions.
Furthermore, this untenable situation poses a threat to the overall democratic fabric of the country and all our constitutional rights.
A healthy democracy relies on a robust and independent media that can hold those in power accountable. When financial institutions wield the power to silence media outlets, it undermines the very essence of democracy by limiting the flow of information and stifling public discourse.
Standard Bank’s nefarious actions have now triggered a broader conversation about media freedom, job losses and the erosion of democratic principles.
It is a stark reminder of the interconnectedness between corporate decisions and societal well-being.
As citizens, it is crucial to advocate for a media landscape where diverse voices can thrive and contribute to a more informed and engaged citizenry. The events surrounding this situation highlight the need for ongoing vigilance to safeguard media freedom and its role in shaping a just and transparent society.
This is why Independent Media remains active in its support of the wider Sekunjalo Group’s legal case at the Equality Court, in which we are all fighting to prevent this form of discrimination from being enacted.
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