From: [email protected] [mailto:[email protected]] On Behalf Of Sediko Rakolote Sent: 17 May 2016 23:07 To: Group Communist University Subject: [CU] WHO IS THOU WORTHY TO QUALIFY FOR A BANK ACCOUNT IN SOUTH AFRICA?
WHO IS THOU WORTHY TO QUALIFY FOR A BANK ACCOUNT IN SOUTH AFRICA? The Financial Intelligence Centre Act (38 of 2001) (FICA ) came into effect on the 1st of July 2003. The Act was introduced to fight financial crime, such as money laundering, tax evasion, and terrorist financing activities. Over the past months it was reported that four banks in South Africa i.e ABSA, FNB,NEDBANK and STANDARD BANK have issued a notification to Oakbay (Pty) Ltd to terminate it's bank accounts. If the reasons are not for financial crime such as money laundering, tax evasion or terrorist financing activities then seeking clarity on what must be the reasons of closure of the accounts to avoid falling into the same trouble is not seeking a violation of customer confidentiality clauses of the banks. Pity the real suffers of to this decision by the banks of closing Oakbay Investments (PTY) Ltd bank accounts might not know the reasons for the closure as the banks are sticking to its guns of confidentiality regarding bank and client relationships. The consequences of this decision by the banks is loss of jobs and direct impact to our ailing South African economy. But what crime did Oakbay Investments (PTY) Ltd commit that warrants closure of its bank accounts? In case they have committed a crime: - Is their crime worse than companies that colluded on building of 2010 World Cup stadium projects which was estimated by the South African Local Government Association to have added R14-billion to the construction costs borne by municipalities? - Is their crime worse than Tiger Brands which was fined R98,8m in 2007 after admitting that it colluded with rivals to fix the price of bread? - Is their crime worse than the mines who are sued by over 4 365 claimants for the dust-related lung diseases silicosis and silico-tuberculosis, which they claimed were contracted from hazardous conditions in the mines? Is the crime if any, which is committed by Oakbay (PTY) Ltd far worse than calling rape a black culture or calling blacks baboons? Is the crime worse than crimes Barend Hendrik "Wit Wolfe" Strydom by slaughtering black people? If Judge Mabel Jansen, Penny Sparrow, Barend Strydom, WBHO construction, Group Five, Murray & Roberts Holdings, Stefanutti Stocks Multidisciplinary Construction Group and Basil Read are still having bank accounts, then are they thou holy than Oakbay (PTY)Ltd for them to still have bank accounts? If the nation can be told who is thou holy to qualify to have a bank account in SA, maybe the reasons of closing Oakbay (PTY) Ltd bank accounts can be understood by employees of this company. The dependents of the employees will understand the reasons for their breadwinners to loose their jobs due to closure of bank accounts of Oakbay(PTY) Ltd. If the question of who is thou holy to qualify for a bank account in South Africa is not answered by the banks, many bank accounts of progressive formations and individuals will be closed by the banks when they wish to, without providing convincing reasons of closure of those accounts. The question need to be answered not for anyone but for employees and their dependents who relied to Oakbay (Pty)Ltd as source of income. It needs to be answered for many to avoid committing that crime that would result into a bank account being closed. According to the criteria used by South African banks, who is Thou holy to qualify for bank account in the country? Sediko Rakolote Provincial Convenor of Progressive Professionals Forum-North West, Board member of International Association for Public Participation- Southern Africa, ANC and SACP member (writing in personal capacity) -- -- You are subscribed to the "Communist University" e-mail forum. 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