THE VISIBLE HAND
TIM COHEN: Neither banks nor competition authorities will be left unscathed
Reading through Investec’s response to the Competition Commission in its currency manipulation case is an eye-opener. Investec has asked the Competition Tribunal, in a punchy legal move, to dismiss the referral of the case from the commission on the basis that it’s — that wonderful legal term — "vague and embarrassing". To rub in the salt, it asks for a declaration that the commission’s conduct in prosecuting the appeal has been "vexatious and unreasonable". In the alternative, it asks for the commission to be more specific about what it is claiming. Although the claim seems impetuous, when you read what has transpired, Investec’s frustration becomes apparent. To summarise, a number of banks and the commission have been arguing for the best part of a year over two procedural issues. The banks claim that the commission has not provided sufficient information about the case it intends to bring, making it impossible to respond adequately. The commission is required to set out the "mate...
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