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The government will act against bank collusion, Jacob Zuma says
The President was commenting on the price-fixing scandal involving three of SA’s biggest banks — Standard Bank‚ Absa and Investec
16 February 2017 - 18:02
President Jacob Zuma has weighed in on the price-fixing scandal involving three of SA’s biggest banks — Standard Bank‚ Absa and Investec. The three banks have been implicated among more than a dozen banks in widespread collusion relating to the price-fixing of the rand. Following a two-year investigation into the scandal, the Competition Commission has now referred the matter to the Competition Tribunal for prosecution. The Commission is seeking an order declaring that the banks are liable for the payment of an administrative fine equal to 10% of their annual turnover.
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