By Feroza Petersen
In what can only be described as an alarming display of power and manipulation, Standard Bank South Africa's decision to terminate the accounts of Independent Media and other companies in the Sekunjalo Group has sent shock-waves through the nation.
This move, ostensibly based on fear of reputational damage, is nothing more than a flimsy pretext hiding the true agenda of attacking media freedom and democracy.
As the dust settles, it becomes clear that this heartless action will leave an estimated 1600 media workers unemployed, putting their livelihoods at severe risk. These are not just numbers; they are real people with families and dependants who now face an uncertain future, all because of Standard Bank's egregious abuse of power.
By acting on alleged political instructions, Standard Bank has proven itself to be a willing participant in stifling the voices that dare to speak truth to power. The closure of Sekunjalo's media accounts appears to be a calculated attempt to silence independent journalism, which has been a staunch defender of democracy and accountability in South Africa.
Standard Bank's attempt to justify their actions by citing reputational damage is a weak and transparent excuse. In March this year, the vindication of Sekunjalo in the Western Cape High Court regarding the PIC investment in AYO Technology Solutions Limited discredits any claims of reputational harm. It is evident that the real motive behind the account closures lies in exerting control over media narratives and undermining media freedom in the country.
The ramifications of this heartless move extend far beyond the immediate job losses. The closure of media accounts threatens the fabric of democracy and the right of every South African to access diverse and unbiased information. As the fourth estate faces an existential threat, the future of free press hangs in the balance.
What is perhaps most disheartening is the contrast between Standard Bank's actions and its sponsorship of the Sikuvile Journalism Awards. While applauding journalistic excellence on one hand, the bank's other hand is pulling the rug from under hard-working media professionals' feet.
The closure of Sekunjalo’s media accounts must not go unchallenged. It is time for civil society, human rights organisations, and media watchdogs to unite and condemn this blatant attack on press freedom. The fight to protect the livelihoods of these workers is a fight for democracy itself.
Standard Bank’s egregious abuse of power has exposed its true colours as a tool of political manipulation, willing to compromise media freedom and jeopardise the livelihoods of thousands. Let this serve as a clarion call for every South African who values democracy and free press to stand together and demand accountability from those who seek to suppress the truth.
* The views expressed do not necessarily reflect the views of IOL or Independent Media.