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Statement on banks sued on home repossession case

Statement on banks sued on home repossession case

The African National Congress Women's League (ANCWL) welcomes the reports that Nedbank, Absa, FirstRand Bank and Standard Bank are sued over R60bn for unlawful repossession of homes. Reports indicates that the banks have been involved in brutal gansterism and unlawfully repossession of homes since the Constitution came into effect in 1994.

It is evident that some of the banks are habitual criminals as they were recently fingered in the grand corruption of manipulation of the Rand and are still hellbent on looting stolen monies from the South African Reserve Bank and are not willing to comply with the Public Protector's remedial action to pay back the money. It is also public knowledge that services from some of the banks are racially biased.

It is the ANCWL's conviction that the majority of the victims of this brutal abusive act of illegally repossessing homes and racially biased services by habitual criminals' masquerading as credible financial institutions are women. Despite some strides made by the ANC led government since 1994, clearly little has changed in terms of transformation in the financial services sector. The unremorseful, untransformed and bloodsucking banks are the enemies of the poor and the working class. They harbour anti-transformation proponents who want the status quo of management, control and economy to remain unchanged. Even in terms of management, reportedly 52.5% top management of the financial sectors are whites and males.

The ANCWL will not stop demanding for transformation in the financial sector. We will also intensify our demand for the ANC led government to speedily enable the Post Bank to be the bank of choice. The ANCWL believes that access to finance and financial services are key to achieve economic and social transformation, therefore the poor and working class must be protected from the brutal gansterism by the untransformed Banks.

The ANCWL's consistent call for the ANC led government to refrain from doing business with these four banks is with merits and is justified.

Issued by

Meokgo Matuba
ANCWL Secretary General

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+27 82 652 3131

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+27 72 231 5518

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