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South Africa: Watchdog rejects banks’ offer to cooperate in collusion case

By  |  August 30, 2017

The Competition Commission says South Africa will no longer do deals with banks offering to cooperate in a case into alleged rigging of the rand.

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    It’s a blow to some banks that had approached the watchdog. “Some banks have approached us discreetly to discuss a settlement. We are no longer interested in those discussions,” Commissioner Tembinkosi Bonakele told reporters.

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

    It recommended fines amounting to 10% of the more than a dozen local and foreign banks’ revenues in a scandal that has piled political pressure on local banks.

    Full Content: Reuters

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