Competition Tribunal approves Citibank’s fine
The R69.5m fine for participating in a foreign exchange trading cartel has been approved after a five-week delay
Citibank’s R69.5m fine proposed by the Competition Commission was approved by the Competition Tribunal on Wednesday after a five-week delay. The commission accused 18 banks of participating in a foreign exchange trading cartel. Citibank was the first of the 18 banks to reach an agreement, the tribunal said in a statement on Wednesday. On March 22, the tribunal requested additional information on how the R69.5m settlement had been calculated. In Wednesday’s statement, the tribunal said the fine was less than 10% of Citibank’s annual turnover from SA. Citibank admitted guilt to manipulating foreign exchange trades between September 2007 and October 2013. Besides agreeing to pay the fine, Citibank also agreed to help competition authorities convict the remaining 17 banks accused of being members of the cartel. "Citibank has already begun supplying information that is helpful to the commission’s investigation," the tribunal said. The commission’s investigation found banks in the cartel ...
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