CONTRIVED CONFLICT
Could the banks probe be a political ruse?
Nigel Bruce argues that the Guptas, or even the Treasury, could be the ultimate beneficiaries of the price-fixing probe
No further details have been in the media since the rather sensational reporting a little more than a week ago that 18 local and international banks are to be investigated by the Competition Commission for price-fixing and could face serious fines. So far, all investors know is that six young traders swapped comments on expected trading volumes in an attempt to manipulate the rand’s US dollar value to their own banks’ advantage. It has been stated that they will not be prosecuted as what they did has only subsequently been criminalised. Some questions need to be answered by the competition authorities now that the matter is in the public domain. Who has been prejudiced by what these traders did? And if prejudice is not proven and the traders are not to be prosecuted, why should the banks be fined for something that was at the time of commission not a crime? The situation in the UK, which led to heavy fines for some banks, was over information provided to determine the setting of Lib...
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