NEWS ANALYSIS: FirstRand may yet be on hook for alleged WesBank collusion
Legal experts say it’s possible that FirstRand could pay a fine of as much as 10% of its revenue, though it may also escape sanction altogether
09 February 2022 - 18:51
FirstRand, SA’s biggest banking group, may well find itself on the hook for a costly penalty over alleged anticompetitive behaviour involving its vehicle financing subsidiary, WesBank.
The Competition Commission announced on February 3 that it had referred FirstRand, WesBank and Toyota Financial Services SA (TFS-SA) to the Competition Tribunal for prosecution due to alleged collusive behaviour. It also said it had asked the tribunal to fine the companies 10% of their turnover, which is where the matter gets rather interesting...
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