Admission of cheating bolsters Competition Commission’s rand rigging case
The commission 'notes' the settlement between Standard Chartered and US authorities and considers its effect on local investigation into currency manipulation
The Competition Commission will use the recent settlement between British banking group Standard Chartered and US authorities to strengthen its own case of currency manipulation by local and international banks. Standard Chartered Bank reached an agreement with the New York state department of financial services last week after it admitted that it manipulated currencies, including the rand, between 2007 and 2013. In terms of the agreement reached in New York, which has subsequently become a court order, Standard Chartered will pay a fine of $40m (about R536m). It is also required to take remedial action, including disciplinary procedures against employees guilty of the contraventions. The Competition Commission said in a statement on Tuesday it "noted" the agreement and that it would consider the effect of the order on its investigation into currency manipulation by banks operating in SA. "We will be providing it as further evidence in our case before the tribunal because it involve...