In a desperate attempt to regain access to the banking system the media mogul has cast the net of his alleged enemies ever wider and more wildly. But even if there’s not really an economy-wide plot against him, the de facto boycott threatening his shrinking empire still raises real questions about the power of the banks.
Nedbank has joined other banks and put Iqbal Survé and his entire Sekunjalo empire on notice. The bank is closing the accounts of 43 different related entities. Among the reasons are “odd” transactions ranging from donations to Carl Niehaus and others, through to what was tagged as a R25-million divorce “settlement” paid from funds held by the struggling African News Agency.
Government’s major stimulus measures rely on the financial sector – banks in particular – to support real economic activity in exchange for unprecedented (temporary) deregulation and other support. How’s that working out so far?
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