Investec's Stephen Koseff backs trader over forex collusion claims
The Competition Commission is seeking to prosecute more than a dozen local and global banks for forex price-fixing among their traders
Investec CEO Stephen Koseff says the bank does not believe that one of its currency traders is guilty of colluding to fix prices on rand-dollar trades. The bank was awaiting further details from the Competition Commission, which was seeking to prosecute more than a dozen local and global banks for forex price-fixing among their traders, on allegations against it before it could determine any wrongdoing, Koseff said on Tuesday. The case was confined to the "alleged conduct" of a single trader who dealt with interbank clients, he said. "We don’t know whether the allegations pertain to his dealings with banks as clients or competitors. We need more clarification to know what we have done wrong. "Cast-iron integrity" was one of the bank’s core values, he said. Koseff’s comments follow those of Sim Tshabalala, joint CEO of Standard Bank, who said internal investigations had not revealed any wrongdoing. Revenue from foreign-exchange trading activities had averaged less than 1% of the Sout...
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.