Banks face billions of rand in potential fines as Competition Commission files new collusion charges
Three new banks have been added to the list of 28 accused of manipulating the rand
02 June 2020 - 17:13
More than three months after getting the go-ahead, the Competition Commission has referred its long-running investigation into foreign exchange manipulation for prosecution, leaving banks facing fines potentially running into billions.
The decision paves the way for some of SA’s largest banks and their international counterparts to answer charges that they colluded to fix the rand in international markets...
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