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South Africa: Competition Commission open to settlement in banking probe

By  |  May 25, 2015

South Africa’s Competition Commission is open to banks willing to cooperate and negotiate a settlement in its currency-fixing probe.

If the case against 11 banks being investigated for rigging the rand reaches “full-on prosecution,” the law prescribes a fine of as much as 10% of annual revenue “on the impugned business of the transgressor,” the Pretoria-based regulator said in an e-mailed response to questions on Monday.

JPMorgan Chase, BNP Paribas, Citigroup, Barclays Africa., Standard Bank. and Investec are among the banks being probed by the commission.

 

Full content: Bloomberg

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