No forex malfeasance at Standard Bank, says CEO
Standard Bank's Sim Tshabalala says internal probes have not revealed any wrongdoing
Standard Bank’s CEO, Sim Tshabalala, says the bank is not setting aside any cash for a potential Competition Tribunal fine for alleged collusion by its currency traders as internal investigations have not revealed any wrongdoing. “We’ve trawled chat rooms, phone calls; we’ve gone through thousands of records and have not come across any [collusion]. [The traders] have been very clear that they are not guilty of any form of collusion,” Tshabalala said on Thursday after delivering the group’s annual financial results. The investigation by the Competition Commission, which sought to prosecute 18 global and local banks for collusion among their currency traders to fix prices on rand to dollar trades, related to three people, he said. “We employ 55,000 people.” One of the traders, Jason Katz, had entered into a plea bargain with US authorities in December, which was unrelated to the period in which the Standard Bank Group employed him, Tshabalala said. If you are already a subscriber, pl...
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