South Africa: Setback for the Competition Commission in the Four-Year-Old Currency Manipulation Case

analysis

For four years now, the Competition Commission and more than 20 local and foreign banks have been at loggerheads over charges of currency manipulation. It has been an exhausting, expensive, convoluted effort. On Wednesday, the Competition Tribunal stepped in and effectively instructed the commission how to frame its case in a way that can only be construed as a setback for the commission.

If you had to summarise in colloquial terms the Competition Tribunal's finding on Wednesday, 12 June 2019 on the Competition Commission's four-year-old case against more than 20 banks on charges of currency manipulation, it would be this: "Please, for heaven's sake, get your act together."

But that's not what it said. What it said was the following: "... the deficiency in the commission's pleading was located in its unwillingness to commit itself unequivocally to a particular formulation of its case". This "caused a lack of focus and consistency throughout the various iterations contained in the referral and subsequent supplementary documents".

This response was essentially due to the fact that the banks had complained repeatedly and bitterly that the case they were required to answer was not made clear in the commission's documents. Even on Wednesday, Standard Bank...

See What Everyone is Watching

More From: Daily Maverick

Don't Miss

AllAfrica publishes around 600 reports a day from more than 150 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.