Why haven't banks closed ANC's accounts?

Businessman and media owner Iqbal Surve's bank accounts were closed. He is a controversial figure and the butt of other media for his businesses practices and aggressive, narcissistic persona. He uses his media company, Independent Media, as his personal marketing department and to attack his critics and those who've crossed him. Independent Media does not have the best of reputations professionally - it pulled out of the Press Council because of its perceived unfairness but rejoined recently. 

But it's Surve's ownership of investment company Sekunjalo that brought the most controversy. The Public Investment Corporation, the investment arm of the government pension fund, loaned Surve R5 billion with Sekunjalo as collateral. But the company was massively overvalued. Daily Maverick business editor Tim Cohen in reply to me yesterday about the matter:

"Surve's big sin was that he convinced, how we don't know, the administrator of SA's state pensioners cash to lend him R5.3-billon in total for businesses valued thousands of times greater than their actual worth. He then reneged on the terms of the loans, which for reasons that are inexplicable, the Public Investment Commission has failed to reclaim." 

Moneyweb February 14: "The banks cited reputational risk as the reason for closing the accounts, based largely on the findings of the 2020 Mpati Commission of Inquiry's report into the Public Investment Corporation, which found the PIC had disregarded its policies and procedures in making investments in Sekunjalo subsidiaries".

In that issue Cohen had responded to alleged Surve bots, perhaps Surve himself, who'd criticised Cohen for his take on banks closing Surve's - Sekunjalo's - bank accounts. Cohen agreed banks had the right to close accounts of risky clients. Also, it was a response to Financial Sector Conduct Authority's commissioner and National Treasury who felt banks had no right to do it without a full, court-like procedure these seemingly taking Surve's side.

If risk is a factor, why are banks not closing the ANC's and its corrupt members' including Ramaphosa who had illegal (a bribe?) dollars in his sofa. (See The Guardian "The ANC has left SA a land of broken dreams. Its time is over" May 12.) 

The ANC reportedly received millions in donations from (Putin-linked) oligarchs, among people the West sanctioned, but SA's banks have found these funds and the (ANC) account holders to be risk-free. 

It's not the first time Cohen has sided with banks and big business. He wrote in yesterday's column banks are careful about opening and closing accounts. But are they really? Is it not that they, like big business has always being, are fearful of who's in power - ANC - so are unlikely to take punitive action against them despite the law and best practice, but independent players like Guptas and Surve who've fallen out of favour are fair game. 

What was Surve's big sin anyway, apart from dodgy dealings, which is ANC-run SA is normal?

I'm sceptical banks are all they're made out to be - above board. (My bank allowed a financial advisor I did not know or authorise to be FA to my account. They refuse to acknowledge or address how it happened. Yet they insist they need my signed authorisation to update my phone number, citing client security.) 

No one is telling why the ANC's and its members' accounts have not been closed despite them being implicated in corruption by the Zondo Commission and three retired judges finding Ramaphosa likely lied about the Phala Phala dollars in his sofa. Zuma, on trial for corruption, is unaffected, paying for his serial court cases obviously from his accounts

No-one will explain why Surve is being penalised for PIC "disregarding its policies and procedures" even if he did overvalue his business. PIC it ought to have conducted its own valuation as any competent lender does. That it didn't, and didnt demand it's money - taxpayer's money - from Surve suggests corruption on its part, notwithstanding any alleged irregularities by Surve. 

Surve's practises might be dodgy but the banks are dishonest in their reasons for closing his accounts while more, real corrupt in the ANC (and other gangsters) live it large with their banks' connivance. It's an issue the media and Surve's critics are relatively silent about, Surve being the patsy for far, far greater sins happening everyday. 

Slippery Surve we can make fun of but the extent of the ANC's villainy are driving us to insanity and despair, like Fikile Mbalula in a R4 million G-Wagon giving T-shirts in an impoverished black township, so it's better not to think about it.