Banks told to face currency manipulation charges eight years later
Tribunal rules case can be heard even though most of the trading occurred in foreign countries
Twenty-eight SA and foreign banks have lost another round in the case over allegations that they had colluded to manipulate the rand/dollar exchange rate in currency trades — with the Competition Tribunal ruling it can hear the case eight years after charges were first laid.
The Thursday ruling found the tribunal has jurisdiction to hear the case even if most of the alleged trades were conducted abroad, often by employees at foreign banks. Usually, authorities are limited to pressing criminal or civil charges against companies or individuals who break the law within their country...
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