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South Africa: Regulator denies withdrawing FX rigging charges against banks

 |  June 28, 2017

On Wednesday, South Africa’s competition watchdog denied withdrawing charges against some of the 14 banks accused of rigging the rand currency, its spokesman said.

Bloomberg reported late on Tuesday that the Competition Commission would revoke its complaint against some of the lenders.

“It’s not true, we are fairly content with how our litigation is going and we’re not going to withdraw charges against any bank,” the Commission’s spokesman Sipho Ngwenya said.

The Commission is seeking to impose fines on more than a dozen local and foreign banks that it alleges colluded to coordinate trading in the rand and the US dollar.

The case was referred to the Competition Tribunal, which holds hearings on antitrust matters before making a ruling.

The watchdog began its investigation in April 2015, joining a global probe into the manipulation of foreign exchange rates that has led to big banks paying more that $10 billion in settlements.

Full Content: Bloomberg

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