SA’s competition watchdog wants wide powers to prosecute foreign companies whose violations abroad affect South Africans, it emerged in a preliminary court hearing. The hearing is part of a case in which it seeks to impose fines on more than a dozen local and global banks for allegedly rigging the rand.

The Competition Commission’s investigation in 2017 found that 17 banks, 10 with no offices in SA, allegedly colluded to co-ordinate spot-trade prices involving the US dollar and the rand, and recommended fines amounting to 10% of their global revenues.

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