Why Standard Bank’s closure of Independent Media will be end of era

Published Sep 12, 2023

Share

Dear reader,

The possibility of you reading your news in the Cape Times in the coming days and weeks is becoming more unlikely by the day.

That’s if Standard Bank is given the go-ahead to shut down the bank accounts of Sekunjalo-related companies, including Independent Media, which the Cape Times is part of.

This Friday could be the last time you receive your favourite morning paper. Many of you cannot even begin the day without it. I know it is frightening that this could soon be a reality. It’s hard to imagine that a publication that has existed for nearly 150 years could suddenly be no more.

In fact, 147 years makes it more than just a publication – the Cape Times is an institution that has documented many historic events and weathered countless storms in its rich history.

This institution has changed the lives of ordinary people, who never dreamed of having their stories published in the media. Thousands of you have fond memories, which the Cape Times has helped document.

Perhaps even more important is how we have helped build bridges and close the gaps that divided our communities.

Standard Bank’s decision to shut the Cape Times and many of its sister papers down is an existential threat we are facing. We are talking about the Cape Argus, The Star, The Mercury, The Daily News and the Weekend Argus among other newspapers – all owned by the Sekunjalo Group.

“But why?” you may ask. That’s because Standard Bank claims banking Sekunjalo poses a reputational risk.

Whatever that is. On the face of it, its reasoning would imply that Sekunjalo has done something wrong. No such evidence has been presented.

In fact, this is what the Competition Tribunal said in a separate but related matter about the other banks’ action against Sekunjalo: “There is no evidence that the applicants (Sekunjalo) have been found guilty of money laundering, financing or acts of terrorism or other unlawful activities.

“There is also no actual and verified evidence of criminal conduct by the applicants.

“Moreover, even if one were to assume some reputational harm on the side of the respondent banks if the interim relief is granted, this, in our view, would not trump the manifest harm to the applicants, including potential serious public interest consequences.”

So why is Standard Bank so determined to shut down the accounts of these companies?

Could it be that the bank has been used as a proxy in a political war to shut down an independent voice that does not subscribe to the narrative of the ruling establishment? How about the workers of these businesses?

These are but some of the many questions Independent Media employees and the general public want answered.

Standard Bank has not stated publicly why it wants to close these accounts. We hope the Equality Court case to be heard today will not only help establish the true reasons, but stop this unjust move.

If Standard Bank is to be allowed to proceed with its actions, it will be a travesty of justice and a huge blow to media freedom. It will mark the end of an era in the news media of this country.

It will also mean thousands of livelihoods will be destroyed.

Surely, no so-called reputational risk could be more harmful than that.

Cape Times