Rand-fixing case against banks collapses
Harsh words from court after Competition Commission failed to give evidence of a conspiracy to fix the rand
08 January 2024 - 17:50
UPDATED 08 January 2024 - 23:00
The Competition Appeal Court (CAC) has thrown out the case against all but five of the 28 banks that were accused of colluding to fix the rand in the New York foreign exchange market more than a decade ago.
The CAC on Monday dismissed the Competition Commission’s eight-year case against three of the big SA banks and most of the foreign banks, leaving just the four foreign banks whose traders pleaded guilty in 2015 to charges brought by the US department of justice...
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