SA’s competition watchdog wants power to take on foreign firms
The banks, which include some of the biggest names in the sector such as JPMorgan Chase, Bank of America Merrill Lynch and Credit Suisse, have asked for charges to be dropped
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.