Criminal charges have been laid against Citibank for its role in the "corrupt and collusive actions" relating to the foreign-exchange fixing scandal currently being investigated by the Competition Commission. The charges were laid by the Black Empowerment Foundation (BEF) at the Point Police Station in Durban, on Thursday morning. The BEF said the banks generated profits and earnings at the expense of South Africans. The foundation also called for the National Prosecuting Authority to expedite the case, saying it would write to President Jacob Zuma to urge him to establish a commission of inquiry into the forex manipulation scandal. The original complaint accused 11 banks‚ including Absa‚ Investec and Citibank‚ of co-ordinating trading times from at least 2010. The criminal charges come as the Competition Commission added new complaints this week against 18 banking entities‚ outlining further offences that Standard New York and the Bank of America allegedly committed while rigging t...
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