ConCourt unanimously dismisses Sekunjalo Group's bid to revive racism case against Nedbank
In March 2020, the Mpati Commission released the results of its investigation into the Public Investment Corporation and recommended that the PIC conduct a forensic investigation into its dealings with Iqbal Surve 's Sekunjalo Group.
The Constitutional Court has ruled that an attempt by Iqbal Surve's Sekunjalo Group to appeal the dismissal of its racism case against Nedbank, which it used to block the closure of its accounts, has"no reasonable prospects of success" – and dismissed it with costs. Writing on behalf of the court, then-acting SCA Judge Raylene Keightley found that Surve's accusations that fraud or corruption-implicated companies such as Steinhoff, EOH and Tongaat Hulett did not have their accounts closed by Nedbank because they were"white-dominated businesses" were unsupported by any evidence about who owned and led those companies.
The PIC, which manages the pensions of South African civil servants, invested R4.3 billion in the Survé-linked tech group AYO in late 2017, ahead of the group's listing on the JSE. Soon after, the shares lost almost 90% of their value.
Iqbal Surve Gauteng Crime And Courts
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tafelberg housing: Decade-long legal battle over Sea Point site heads to ConCourtTafelberg housing: Decade-long legal battle over Sea Point site heads to ConCourt
Read more »
Nedbank Avo SuperShop pumpingNedbank says its Avo SuperShop offers products and services from more than 24,000 businesses.
Read more »
Nedbank targets year-end to complete R9bn IT projectThe bank’s technology platform, delivered through the Managed Evolution programme, has now reached 95% completion.
Read more »
Former Nedbank banker sentenced to 28 years imprisonment for R3.8m fraudIn just three weeks, 41-year-old Violet Nontsikelelo Shishuba embezzled millions from the bank to notch up 40 counts of fraud when caught.
Read more »
Nedbank warning for pension fund members in South AfricaNedgroup Investments has reiterated common concerns about the upcoming two-pot retirement system.
Read more »
Nedbank’s big cinema savingsNedbank’s rewards programme offers substantial savings on flights and trips to the cinema.
Read more »