Banks demand Competition Commission complaint be amended or dropped
Some of the banks accused of manipulating trades in the rand are objecting to the complaint by SA’s Competition Commission, calling it vague and embarrassing, and demanding it be amended or dropped "The commission has failed to plead the material facts necessary to sustain the allegation that there was an agreement, or agreements," between the lenders of colluding to fix the value of the currency, lawyers for Bank of America Merrill Lynch said in a documents published on the Pretoria-based Competition Tribunal’s website on Wednesday. "The necessary details of any such agreement(s) — that is, when, where, how and by whom they were concluded — are also lacking." The New York-based lender was named among 14 banks as respondents in the commission’s complaint. Others include HSBC Holdings, BNP Paribas, Credit Suisse Group, JPMorgan Chase & Company, Standard Bank Group, Investec and Nomura International. Citigroup agreed to pay a R69.5m administrative penalty for allegedly participating i...
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