South Africa: Citibank Agrees to R69.5 Million Fine

Pretoria — Citibank has agreed to pay an administrative penalty of almost R69.5 million in relation to the bank's involvement in a forex trading cartel, the Competition Commission said on Wednesday.

Citibank has also agreed to appear as a witness in the hearings involving the prosecution of other banks, which are also accused of being involved in this cartel.

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