South African Authorities Crack Down on Banks for Rand Collusion
The Competition Commission has referred several banks, including, ABSA, Investec and Standard Bank to the Competition Tribunal for prosecution. This relates to a case of alleged price fixing and market allocation in the trading of foreign currency pairs involving South Africa's Rand.
Standard Bank, ABSA, Investec.
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South Africa:
ANC Women's League Rejects Citibank Settlement
News24Wire, 21 February 2017
The ANC Women's League has called on the Competition Commission to cancel a settlement it reached with Citibank over the financial institution's participation in collusion. Read more »
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South Africa:
Opposition Party DA Says Banks Found Guilty Must Face Full Might of the Law
DA, 19 February 2017
The DA notes the release by the Competition Tribunal of the Competition Commission's affidavit against 17 banks, some of whose currency traders are accused of collusion and price… Read more »
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South Africa:
Competition Commission Prosecutes Banks for Collusion
News24Wire, 15 February 2017
The Competition Commission on Wednesday referred a collusion case to the tribunal for prosecution against 17 banks, including three of South Africa's big banks. Read more »
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South Africa:
Treasury On Competition Commission Findings
Govt of SA, 17 February 2017
The National Treasury notes with concern the statement issued by the Competition Commission on the completion of an investigation into price fixing and market allocation by 17… Read more »
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South Africa:
Price Fixing - Punish Guilty Banks Harshly, Urges ANC
News24Wire, 15 February 2017
The ANC has lashed out at banks accused of manipulating foreign currency trades, with the SA Reserve Bank (SARB) saying it sees the allegations in a serious light. Read more »
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South Africa:
Questions Over Timing of Banks' Collusion Case
News24Wire, 15 February 2017
The timing of the Competition Commission's price-fixing case involving 17 banks seems suspicious, according to the Democratic Alliance. Read more »