Rand Merchant, Nedbank charged for currency manipulation
Rand Merchant Bank and Nedbank are among 28 international local banks that have been charged by South Africa’s antitrust authorities for manipulating the rand exchange rate.
The Competition Commission filed its new charge sheet against the banks with the Competition in line with an earlier ruling, it said today 2nd June 2020.
Colluding to fix prices, divide markets in the rand/dollar exchange which goes back as far as 2015 were the case brought against the banks.
Last year, the banks appear to have won a partial victory when the Competition Appeal Court ruled that the commission had to file a new charge sheet that provided additional clarification.
In February, however, the CAC dismissed an appeal by several banks that sought an order dismissing the Competition's case against them. The banks had argued that SA's competition authorities did not have jurisdiction over their activities that took place outside of the country.
The Commission said in a statement that the new referral provides more details on the operations of the currency manipulation cartel, its effects on South Africa and expands the scope of the prosecution to include five more banks such as FirstRand and Standard Americas.
Trending News
Dumsor timetable: Opoku Prempeh was only factual, no malice intended - Energy Ministry
12:16Ghana’s debt hit ₵610bn as of December 2023
13:52Take responsibility for high tax regime and stop blaming GRA - Minority to Bawumia
10:592,260 road crashes claim 369 lives two months into 2024: NRSA
17:41Veto 'draconian, hateful, cruel, terrifying, horrific' anti-gay bill - Richard Branson tells Akufo-Addo, as he warns of dire economic consequences
08:49Zipline hits over 500,000 medical delivery milestone
17:32Beware of risks of deceptive citizen offers in conflict areas – Foreign Ministry to travellers
08:42Biometric Voter's Register: NDC demands full-blown investigation
18:56Ghana’s anti-LGBTQ+ bill is a backslide on human rights and an economic disaster - Richard Branson
08:24Teachers strike biting hard on academic work in Ashanti Region
17:17