Banks to face more forex charges
Affidavit outlines further allegations against Standard New York and Bank of America involving rigging rand-dollar exchange market
The Competition Tribunal published a supplementary affidavit on Tuesday in the Competition Commission’s case against 18 banking entities for rigging the forex market, adding further charges against two banks. The affidavit outlines further allegations against Standard New York, Standard Bank’s offshore securities subsidiary, and the Bank of America involving the rigging of the rand-dollar exchange market. The affidavit came after the commission said initially it should have been made public in the first week of April, following the elapsing of the tribunal’s deadline for supplementing affidavits at the end of March. “The commission supplemented [the initial complaint],” Makgale Mohlala, head of the regulator’s cartels division, said at the time. “The commission did not give any evidence.” The supplemented referral should have been made public, Mohlala said. It is understood the tribunal was still awaiting the green light from one of the banks before it could make the documents publi...
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