CitiBank given whistle-blower status in banking collusion scandal
CitiBank does not have to disclose its local currency trading revenue at the tribunal regarding forex trading collusion by 14 banks
CitiBank did not have to disclose the revenue of its local currency trading operation at a competition authority hearing on the forex collusion scandal. The Competition Tribunal held a hearing in Pretoria on Wednesday regarding the fairness of a R69.5m settlement CitiBank reached for its role in alleged anti-competitive behaviour by 14 banks relating to forex trading. CitiBank has been granted leniency in exchange for acting as a whistle-blower. At Wednesday’s hearing, Fiona Tregenna, of the tribunal, said: "I know that the penalty does not exceed the 10% of the turnover. What percentage is it exactly?" Makgale Mohlala‚ head of Competition Commission’s cartel division‚ said he was advised that, due to a confidentiality claim by CitiBank, he was not allowed to reveal the amount. "This might just reveal how much CitiBank is making‚" he said. CitiBank legal representative, Isabel Goodman, confirmed that the bank had claimed confidentiality over the information. She said‚ however‚ that ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.