Competition Tribunal plans July hearing on banks in rand-rigging case
The Competition Tribunal will hold a hearing in July in which banks accused of colluding to rig the rand will make their submissions, it said on Thursday. Last month, the Competition Commission said it had found that traders at more than a dozen local and foreign banks colluded to co-ordinate dealing in the South African and US currencies. The tribunal said the commission has until the end of March to supplement its complaint against Bank of America Merrill Lynch and 17 other institutions, among them South African financial institutions Standard Bank, Barclays Africa Group and Investec. The banks have until May 3 to file applications to raise objections on grounds that the complaint is vague or does not disclose a cause of action. Standard Bank said earlier this month that the commission was not clear in communicating what the bank is being accused of. Barclays and Citigroup previously approached SA’s competition regulators with information linked to the case and, last month, Citigr...
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