Competition regulator’s forex-rigging case back in court
Dennis Davis has been recalled to hear the complex case that was launched in 2017
The Competition Commission’s ageing foreign exchange case is back in court yet again, with the banks charging that the commission must show that all 28 of them were part of the alleged “single overarching conspiracy” to manipulate the rand before the case can go ahead.
The case, which the commission launched in 2017, goes back to alleged collusion by SA and foreign banks in the New York foreign exchange market from 2007 to 2013. The 28 banks the commission is going after include several foreign banks with no presence in SA, as well as foreign banks with local branches and all of SA’s big domestic banking groups...
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