EFF leader Julius Malema has announced that party will launch a campaign against some of the country’s biggest financial institutions which he says are involved in political party battles.

On Thursday, Malema addressed the media at the EFF’s head office in Braamfontein, Johannesburg and promised that his party would embark on campaigns against Absa and FNB – two of South Africa’s biggest banks.

Corona disrupted us big time and the racist financial sector must be thankful to corona because we had a clear programme to target the white-owned financial institutions, the majority of which ill treat our people, exclude them and charge them high interest rates,” he said.

Malema said he had no sympathy for Absa and FNB and described them as “the most racist banks”.

”Absa and FNB actually fight political battles. If you fight (Public Enterprises Minister) Pravin (Gordhan) or (President) Cyril (Ramaphosa) and you still have an account with Absa you are very fortunate,” he said.

Malema continued: “They use their financial muscle and that court nonsensical decision that they can terminate people’s accounts, without any due process to fight political battles because they know if you don’t have an account you will not be economically active and when you are not economically active, there is no way you can be impactful politically.”

In 2017, the North Gauteng High Court dismissed then finance minister Gordhan’s application for a declaratory order that he was not legally obliged to interfere in the banks’ decision to cut ties with the controversial fugitive Gupta family, as this already existed in terms of the law.

”We have no sympathy for them, we are waiting for the relaxation of these Covid-19 regulations and we are going to go very hard on the financial sector,” Malema said.


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