Competition Commission backtracking on some banking accusations
SA’s Competition Commission will withdraw charges against some of the banks it recommended be fined following an investigation into rand-rigging concluded earlier this year, according to the Standard Bank Group. The anti-trust regulator will revoke its complaint against some lenders and will accuse other banks of collusion and manipulation of currency trades instead, Ian Sinton, general counsel for the Johannesburg-based lender, said in an e-mailed response to questions on Tuesday. Standard Bank, which was among those named in February, declined to say which banks may be removed and which lenders could be added. Fourteen banking entities, including HSBC Holdings Plc, BNP Paribas, Credit Suisse Group and JPMorgan Chase were named by the commission in February as having allegedly been involved in illegal rand trades. Barclays Africa Group was exempt because it blew the whistle on the traders’ alleged actions while Citigroup agreed to pay a R69.5m ($5.4m) fine for its alleged role. Som...
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