Banks Weaponised To Racially Profile Clients And Punish Those Identified As Enemies Of The Colonial Establishment
March 19, 2024
uMkhonto we Sizwe Party has noted with chagrin the news that First National Bank has closed the accounts of President Jacob Zuma. Whilst not surprising, this political attack by FNB confirms, in no uncertain terms, that financial institutions in our country have chosen a side of those who are hell-bent on preserving the colonial status quo of continuing landlessness, ever-growing poverty levels and entrenched economic marginalization and exploitation of the majority in our country.
The FNB’s latest stunt of denying President Zuma access to much-needed banking services is not an isolated incident. It is part of a concerted effort by banks to punish those that are viewed by the colonial establishment as enemies. It is common course that Dr Iqbal Surve and his companies including Sekunjalo Group – a shining example of black excellence – have had their banking facilities arbitrarily closed by all the infamous Big Four gang of ABSA, FNB, Nedbank and Standard Bank, for a flimsy and nebulous reason of allegedly posing reputational risks to these financial institutions. It is clear that they are a law unto themselves.
MK Party views this gibberish about “reputational risk” as a ruse and a clumsy attempt at concealing their real motives – a chilling warning to anyone who dares to challenge the status quo.
Dr Surve is not the only one as Mr Matshela Koko and his family members have suffered the same fate. It is no coincidence that all these victims are black and have been vocal about the status quo in our country.
MK Party believes that these irrational actions form part of a bigger plan to weaponise banks to snuff out economic lives of the so-called rebellious individuals in order to intimidate and ultimately silence them and those who might contemplate following in their footsteps. MK Party is alive to this blatantly racist attack. White individuals and their companies like Markus Jooste, Steinhoff, EOH and Tongaat-Hullet who have committed criminal and other offences that poses a real reputational risks on these banks, have been let scott-free and allowed to continue having access to banking services. Cyril Ramaphosa was found with hard cash in dollars stashed in a couch, but no such action to close his accounts was taken, nor are the CR17 bank accounts that were used to bribe his political campaign into power ever closed.
The courts have also not been helpful in confronting these racist, politically- motivated moves. When Nedbank appealed the Equality Court’s ruling that it reopens Sekunjalo Group’s account(s), an all-white bench was allocated this case that is essentially about confronting the demon of racism that is rearing its ugly head within and across the banks. Unsurprisingly, the Equality Court’s ruling was overturned with the net effect that Nedbank can close Sekunjalo Group accounts. uMkhonto we Sizwe Party condemns this
reckless, insensitive and unprecedented move by the Supreme Court of Appeal of appointing an all-white bench to hear a case against racism and calls for the judiciary to introspect and make amends.
The courts need to not only administer but be seen to be administering justice fairly, objectively and without fear, favour or prejudice. It is, therefore, critical that the judiciary’s conduct should not contribute to the erosion of public confidence in it. uMkhonto we Sizwe Party also calls upon FNB to immediately rescind its ill-informed decision and reopen President Zuma’s accounts. This call also goes to other banks that have been weaponised.
Should they not reopen the bank accounts of all individuals and companies that have been unfairly closed as a political weapon to silence the so-called enemies of the colonial establishment, MK Party will urge all its members and supporters, who run into millions, to not only boycott these banks for their racist, politically-motivated actions but also close their accounts in protest.
MK Party will also engage in unprecedented mass action to ensure that banks desist from being political actors whilst resisting transformation. We will also intensify efforts to compel financial institutions to truly transform and play a constructive role in building our country’s economy for the benefit of all instead of the rich and powerful.
Everything for the Revolution and nothing against it!
Statement issued by Cde Nhlamulo Ndhlela, Communications and Media, MK Party, 19 March 2024
