Cape Town - Economic Freedom Fighters president Julius Malema says South Africa’s banks have been “weaponised”.

This follows confirmation from Standard Bank that it would close down Independent Media’s business accounts.

He also called out the hypocrisy of the banks in their dealings with President Cyril Ramaphosa following the Phala Phala robbery, in which several robbers made off with US dollars, hidden in furniture.

Addressing a press conference yesterday (Wed), Malema said: “The banks are weaponised. We are all victims, nna (my) bank (accounts) have been closed by FNB, by Absa. My son’s bank (application) is being declined from being opened. He’s 17 years old, he hasn’t done anything to anyone but he can’t get a bank (account).

Standard Bank South Africa (SBSA) had issued letters to Independent Media and 30 other companies in the Sekunjalo Group, informing them of the closure of their business bank accounts on 21 August.

The Cape Argus, Cape Times, The Star, Daily News, IOL and several major news outlets around the country are Independent Media brands, and staff salaries are paid via Standard Bank accounts.

The salaries of Independent Media staff are paid through Standard Bank and its actions essentially would risk the livelihoods of 1600 staffers.

The letters, signed by Herbert Smith Freehills South Africa Attorneys Inc, were issued on July 21 and gave Sekunjalo a 30-day notice period before closure of the accounts.

SBSA’s communication followed a Competition Appeal Court of SA ruling that upheld the decision taken by three banks to stop offering their services to Sekunjalo companies.

The appeals court ruled last week that the Competition Tribunal had erred in ordering SBSA, Mercantile Bank and Access Bank to either reopen or not close Sekunjalo's accounts.

The banks had appealed the tribunal’s ruling in September 2022 that there was evidence that they had engaged in anti-competitive behaviour when deciding to stop doing business with Sekunjalo.

Standard Bank’s decision to terminate the accounts was based on fear of reputational damage, following unfavourable media reports on the findings of the Mpati Commission of Inquiry's Report into the Public Investment Corporation (PIC).

But Malema said the actions by South African banks were tantamount to bullying.

“It’s a matter of time. We need to mobilise South Africans against these banks and physical action. The day will come where action will be announced against these banks that have closed (accounts). FNB tells those people who stole (President) Cyril’s (Ramaphosa) money to close accounts of those people in Namibia but they don’t close Cyril’s accounts here.

“If there is any person who should not be having a bank account, it’s Cyril Ramaphosa for engaging in illicit money, for engaging in foreign currency that is not declared.

“Now they (the banks) are fighting with Independent (Media) because they have a problem with Iqbal (Survé). Iqbal is not part of Stellenbosch Mafia, by extension they are going to victimise ordinary workers by closing Independent’s, The Star newspapers bank accounts.”

Malema reiterated that the actions of the banks in closing down Independent Media’s accounts highlighted the urgent need for a commercial State-owned bank.

“It’s extremely urgent. We are being harassed by the banks. And we are being harassed by Afrikaner males who own these banks.

“But I’m happy that South Africans are slowly, gradually beginning to realise that these banks are bullies, especially Absa and FNB. They are bullies and we need to go for them.

“That day will come, when we go for them, they’ll think they are daydreaming because they will never defeat the masses (these banks),” said Malema.

Standard Bank spokesperson Ross Linstrom said the bank welcomed a ruling by the Competition Appeals Court (CAC) which sets aside an interim order granted by the Competition Tribunal obliging it, with seven other banks, to re-instate or not to close bank accounts for companies within the Sekunjalo Group. The CAC upheld Standard Bank’s appeal in a ruling delivered on Monday.

Cape Argus