EXPLAINER – SA banks And Competition Commission To Show Off In Court Over Rand Manipulation Case
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Guest – Kabelo Khumalo – Companies and markets editor at Businessday
Banks to tell top court of reputational harm over rand-fixing probe
SA banking majors FirstRand and Standard Bank will next week tell the Constitutional Court of the high financial and reputational costs they have incurred over the Competition Commission’s allegations they formed part of a banking cartel to manipulate the rand.
The two banks stand accused of participating in a global conspiracy involving 28 foreign and local banks, allegedly colluding to fix and divide markets’ rand-dollar trading in 2007-13 — for their benefit.
The antitrust watchdog is seeking fines of up to 10% of their local revenues, citing the wide-ranging effects their conduct has had on the economy in a battle that dates back to 2015.
Banks to tell top court of reputational harm over rand-fixing probe
SA banking majors FirstRand and Standard Bank will next week tell the Constitutional Court of the high financial and reputational costs they have incurred over the Competition Commission’s allegations they formed part of a banking cartel to manipulate the rand.
The two banks stand accused of participating in a global conspiracy involving 28 foreign and local banks, allegedly colluding to fix and divide markets’ rand-dollar trading in 2007-13 — for their benefit.
The antitrust watchdog is seeking fines of up to 10% of their local revenues, citing the wide-ranging effects their conduct has had on the economy in a battle that dates back to 2015.