Citibank settlement too low, but necessary, says competition watchdog
Competition Commissioner Tembinkosi Bonakele tells MPs the commission needed witnesses
Competition Commissioner Tembinkosi Bonakele has conceded that the R69m settlement with Citibank was too low but insists it was tactically necessary. Briefing Parliament's economic development committee on the commission's case of collusion against 18 banks for manipulating the value of the rand, Bonakele said it was important for the commission to get witnesses so that it could proceed with its prosecution against the other banks. The low settlement with Citi was a compromise which was necessary so that the commission could take the case further. The commission has filed its case with the Commission Tribunal. Bonakele said the commission would be going for maximum penalties against the the banks involved both as a deterrence against such conduct and to demonstrate that if entities did not come forward early to cooperate, they would have to bear the consequences. He gave the assurance that Standard Bank and Investec had received the same treatment in terms of the commission's lenien...
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