South African Banks Accused of Rand Manipulation | Business Edge | 12/04/2023

Описание: South Africa’s Competition Tribunal has dismissed applications and objections brought by various local and foreign banks to escape prosecution in an ongoing case investigating alleged currency manipulation.
In February 2017, the Competition Commission referred several banks – including Investec, Standard Bank and Absa – to the Competition Tribunal for price fixing involving the rand. The commission ultimately brought 28 banks under investigation – including Nedbank and FirstRand – in what it is calling the “Forex Cartel” case.
The commission is accusing the banks of colluding on forex deals and thus manipulating the foreign exchange market by “fixing” the price of the rand for several seconds and even minutes several times between 2007 and until at least September 2013.
It also alleged that the banks had divided markets by allocating customers in the USD/ZAR currency pair.
All the banks named in the findings lodged some objection or application against the commission – some contending that the commission lacked jurisdiction, and others filing various exceptions, objections, applications for dismissal and strikeouts.
The Competition Tribunal dismissed all the different applications/objections submitted by 15 banks.

ANCHOR
Lekan Onabanjo

GUEST
Prof. Willem Boshoff, Co-Director, Centre For Competition Law and Economics

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