28 banks to the Competition Tribunal for prosecution for the manipulation of the value of the Dollar to the Rand

SAfm — The Competition Commission of South Africa is taking 28 banks to the Competition Tribunal for prosecution for the manipulation of the value of the US Dollar to the South African Rand. This follows an investigation which shows that these banks directly and indirectly manipulated trade of the two currencies in relation to Bids and the Spot Exchange rate. The banks had initially appealed the findings citing that the competition authorities do not have jurisdiction over their activities as they took place outside of South Africa. Deputy Commissioner, Hardin Ratshisusu however says the new charges against the banks prove that the collusion to fix prices had a direct and immediate effect on South African consumers and the economy.