South Africa’s Competition Commission has submitted a new charge sheet to Competition Tribunal against 28 banks, accusing them of manipulating trading in the rand-dollar currency-pair, said the commission on Tuesday.
This followed the court ruling in February which ordered that a new charge sheet be filed to show that the banks’ behavior of manipulating the USD/ZAR currency pair had a direct and immediate effect on the South African consumers and the economy.
Competition commissioner Tembinkosi Bonakele said the new referral provides more details on the operations of the currency manipulation cartel and its effects on South Africa.
Bonakele said the banks must file their answers to these charges, which have now been further substantiated.
“These charges will not go away. Some of the individual traders involved in the currency manipulation have been dismissed, but their employers-the banks, are yet to be held accountable in South Africa. It is the responsibility of the South African authorities to get to the bottom of these serious allegations about the manipulation of our currency, wherever it occurred,” he said.
The commission is a statutory body that investigates uncompetitive behaviour, while the tribunal adjudicates cases and hears appeals.
The banks on the commission’s sight include Standard Bank, FirstRand, Nedbank, Bank of America Merrill Lynch International, BNP Paribas and Investec. Enditem