MK party slams ‘politically motivated’ banks for Zuma account closure

The MK Picture; Doctor Ngcobo

The MK Picture; Doctor Ngcobo

Published Mar 19, 2024


The uMkhonto weSizwe party has hit back at FNB after it closed the accounts of former president Jacob Zuma.

FNB earlier said the decision to close his accounts was based on an order of the High Court in KwaZulu-Natal.

But MK party spokesperson Nhlamulo Ndhlela said the decision was politically motivated and not based on reputational risk as claimed by the bank.

“The FNB's latest stunt of denying President Zuma access to much-needed banking services is not an isolated incident,” Ndhlela said.

“It is part of a concerted effort by banks to punish those that are viewed by the colonial establishment as enemies.”

He said financial institutions target those who are challenging the “colonial establishment”.

The MK party called on the bank to re-open the accounts of Zuma because the decision it was ill-advised. This goes to other banks who have targeted other individuals in a similar fashion, it said.

If banks refuse to open the accounts of these individuals, the party said it would urge its supporters to close their accounts with these banks.

The MK party will engage in mass action against banks to stop them from getting into the political space.

The party wants banks to stay away from politics and focus on their business.

Ndhlela said Zuma was not the only one who has been targeted by the banks, but they must not allow this to continue.

“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,” Ndhlela said.

“It is clear that they are a law unto themselves.”

He said they will force financial institutions to transform.

He said the courts must be fair when adjudicating on these matters as well.

People like Markus Jooste who have caused reputational risk to the banks because of their alleged crimes have not been touched by the banks.

“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,” Ndhlela said.

“Unsurprisingly, the Equality Court's ruling was overturned with the net effect that Nedbank can close Sekunjalo Group accounts,” he said.

“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 MK party will push for the transformation of the sector.

They do not want banks to give its clients different treatment.. They must have the same rules for everyone.

[email protected]

IOL Politics