PSCU union slams ‘weaponisation of banks’ and closure of Independent Media’s bank accounts
|Published
N1 City. 08022022.. Standard Bank ATM's at N1 City in Goodwood. Picture Ian Landsberg/African News Agency (ANA)
Johannesburg - The Public Service and Commercial Trade Union of SA (PSCU) has come to the defence of Independent Media and Sekunjalo Group and condemned the imminent closure of the group’s banking accounts.
On Thursday, the union, established in 2019, said it was against the closure of accounts belonging to the group after it was announced that Standard Bank would be shutting down all bank accounts associated with subsidiaries of the Sekunjalo Group.
This comes after Sekunjalo reported that its bank accounts, including those of Independent Media and other media companies, would be closed by Standard Bank on August 21 due to what the bank cited as reputational damage.
This closure of accounts belonging to titles such as The Cape Argus, Cape Times, The Star, Daily News, IOL and several major news outlets around the country that are Independent Media brands could affect staff salaries, which are paid via Standard Bank accounts.
The decision by Standard Bank comes after 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.
On Thursday, following Julius Malema’s reaction against the “bullying” by banks, PSCU said it condemned the act by SA’s biggest banks against the company as well as black people in general.
“PSCU condemns Standard Bank’s insistence on closing the bank accounts of Independent Media and over 20 other companies owned by Sekunjalo Group despite the collateral damage this evil stand will have on hundreds of employees and their dependents.”
“This ill-considered approach shows how diabolical Standard Bank is towards workers and their families, some of whom happen to be their clients,” PSCU secretary-general Tahir Maepa said.
Maepa said Standard Bank was in no position to contribute to more job losses following reports that the bank had closed down most of its branches, resulting in the loss of jobs in the sector.
“This is the very same bank that has been reported to be in a process (of) mass job cuts as it plans to close 91 of its branches, with over 1200 job losses. The majority of these workers happen to be black; no wonder they don’t care what happens to independent media workers,” he added.
Maepa also accused the government of failing to intervene and rein in companies, especially banks, who are using their monopoly to deal with those seen as enemies of the establishment, like Independent Media and its owners.
“This impunity and discriminatory practices, aided by our government, disproportionately affect the black community in particular, further contributing to our economic marginalisation. The emergence of the #RacistBanksMustFall movement exemplifies the frustration and anger experienced by many workers across the country against the unparalleled powers banks have.
“We are now fatigued with racism inflicted upon black people and workers in particular by unfair banking practices; we are tired of being victimised.
“There can be no doubt that the primary reason for closing the accounts of Independent Media is driven by political and racial bias; why punish over 1600 workers and their families?” he added.
Maepa said banks had assumed too much power to the extent that they abuse this power to suit their own agenda.
“The impunity by Standard Bank has created a monster where banks are clearly now acting above the law; banks practise discrimination in broad daylight against the working class, and counting the cost of these practices amounts to billions that workers had to suffer simply because they dared to bank while black,” said Maepa.
The Star