Citigroup, Barclays said to assist on rand probe to avoid fine
Their disclosures to the Competition Commission could save them from being penalised if the information they provided is proven correct
Citigroup and Barclays won’t be targeted for fines by South African antitrust authorities for colluding to manipulate the value of the rand because they co-operated with regulators, three people familiar with the matter said. While they may not yet have full indemnity, their disclosures to the Competition Commission could save them from being penalised if the information they provided is proven correct, the people said, asking not to be identified because the matter is still confidential. The two banks have been working with the commission from an early stage, they said. Citigroup and Barclays were named as part of the rand-rigging probe that started in 2015. The Competition Commission on Wednesday didn’t name Citigroup and didn’t add Barclays to the list of banks it recommended for fines. The commission identified lenders including Bank of America Merrill Lynch, HSBC Holdings, BNP Paribas SA, Credit Suisse Group AG, JPMorgan Chase & Co. and Nomura Holdings Inc. as among those that ...
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