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South Africa: Forex-rigging trial likely to begin in 2019

By  |  April 26, 2018

Court proceedings against 18 banks accused of rigging the rand are likely to start next year, as prosecutors need time to prepare the complex case, the head of cartels at the Competition Commission said.

The commission concluded an investigation last February into whether local and foreign banks colluded to coordinate their trading activities when giving quotes to customers who were buying or selling currencies.

“Our case against the banks is very strong and we want to deal with all these technicalities so the matter can go on trial, maybe by the second quarter of next year,” Makgale Mohlala said.

Competition authorities will first hold a series of “exception hearings” to discuss the possible exclusion of banks on technical grounds at the end of July.

Full Content: Town Press

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