Standard bank has not yet suspended anyone after rand-rigging revelations
Standard Bank is engaging with the Competition Commission over the watchdog’s investigation into alleged rigging of rand currency trading, and has not suspended any employees to date, the bank said on Thursday. The commission said last week it had found more than a dozen local and foreign banks had colluded to co-ordinate trading in the rand and the dollar using an instant chat room called ZAR Domination. It recommended fines amounting to 10% of the banks’ South African revenues, in a scandal that has piled political pressure on the big four banks and raised questions about their dominance in SA. "Pending the outcome of these engagements and in the light of these historic allegations only having been brought to Standard Bank’s attention on February 15, no suspension of current employees of Standard Bank has taken place," it said in a statement. The commission has granted Barclays Africa conditional immunity from prosecution in return for its continuing co-operation, the watchdog sai...
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