Sekunjalo Group condemns News24 headline as 'materially misleading' over SCA finding - IOL

Sekunjalo Group CEO Lucien Jacobs. Sekunjalo has asked News24 to correct and apologise for a headline it says wrongly linked the group to an SCA finding about a “fishing expedition”.

The Sekunjalo Group has strongly condemned a News24 headline regarding a recent Supreme Court of Appeal (SCA) judgment, labelling it as "materially misleading" for associating the Group with a finding of a "fishing expedition".

The objection centres on an article published by News24 on September 23, 2026, headlined: “Court strikes down ‘fishing expedition’ in wider Sekunjalo bank fight”.

In a press statement issued on Friday, Sekunjalo argued that the headline conflates two separate legal matters and incorrectly creates the impression that Sekunjalo was responsible for the conduct described by the Court as a "fishing expedition".

Lucien Jacobs, Sekunjalo Group CEO, stated that the SCA matter, Financial Intelligence Centre and Others v Ndudane and Others, did not include Sekunjalo as a party to the appeal.

According to Jacobs, the parties before the SCA were the Financial Intelligence Centre (FIC), with Nedbank and ABSA as intervening parties, and several respondents, including Siphokazi Ndudane, TCQ Fisheries Management Group, and Democracy in Action.

While the SCA judgment records that these respondents had previously intervened in broader Equality Court proceedings involving Sekunjalo and had sought access to confidential information relating to Sekunjalo, the finding regarding a "fishing expedition" related specifically to the respondents', not Sekunjalo's, attempt to obtain information.

“The Court did not find that Sekunjalo had embarked on any fishing expedition,” Jacobs said.

“On the contrary, the judgment specifically records that the respondents had failed to establish a legal interest in obtaining documents concerning the affairs of the Sekunjalo Group. The Court then considered the respondents’ broad request for information and found that this constituted the type of fishing expedition that is not permissible.”

Jacobs stated that there is a "fundamental difference" between reporting that a case arose within the broader context of litigation involving Sekunjalo and reporting it in a way that links Sekunjalo to a judicial finding of a "fishing expedition".

The Sekunjalo Group further objected to News24’s use of the Sekunjalo name and a photograph of Dr Iqbal Survé in connection with this reporting.

“In the digital environment, many readers will see and share the headline without reading the judgment or even the full article. When the Sekunjalo name is placed directly alongside the words ‘fishing expedition’, the reputational implication is obvious,” the statement read.

Sekunjalo clarified in the statement that Dr Iqbal Survé has retired from active management and is no longer involved in the day-to-day operations of the Group.

The Group emphasised that all banking matters involving the Sekunjalo Group have been resolved.

"The Group has full banking facilities across its businesses and continues to conduct its operations normally. There are no outstanding legal matters relating to the Group's banking facilities," the statement affirmed.

Furthermore, Sekunjalo stated that the FIC matter referred to in the reporting had "nothing to do with the Sekunjalo Group's current banking facilities or current banking relationships."

“The banking chapter is closed. The FIC matter has no bearing on the Group's current banking position. Sekunjalo has moved forward and remains focused on its businesses and future growth.”

The statement concluded by noting that Sekunjalo has formally approached News24 seeking a correction and apology.