Standard Bank in row with regulator over evidence in forex probe
Standard Bank and the Competition Commission were at loggerheads on Monday over the whereabouts of the antitrust regulator’s forex investigation record, with the bank arguing the commission was retaining the record for strategic reasons. The commission hit back with claims that Standard Bank was trying to gain access to evidence before pleading to the charges against it. The bank, one of 18 banking entities that was accused in February of rigging trade in the rand-dollar currency pair, has sought access to this record since March, according to arguments before the Competition Tribunal on Monday. The complaint has since been tied up in lengthy legal processes including exception applications from 13 entities. Three entities — Absa, Barclays Capital and Barclays plc — have applied for leniency, while Citibank has settled and Standard Chartered is said to be in settlement talks. "The exceptions have not been adjudicated upon, and Standard Bank is not obliged to plead in the circumstanc...
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