When he briefed MPs on the banking collusion probe on Tuesday, Competition Commission head Tembinkosi Bonakele was at pains to stress the competition regulator’s independence. Neither its investigations nor referrals to the Competition Tribunal are swayed by political considerations, he said. We should all welcome this commitment to institutional autonomy at a time when the ANC, and especially those of its senior leaders who are in the pocket of the Guptas, are ratcheting up the pressure on the banks with reckless threats and lunatic pronouncements. Buoyed by a groundswell of populist sentiment, no doubt they would like the tribunal to stage a show trial and mete out kangaroo-court justice to banks. Of course, if the banks are found to have contravened the Competition Act, they must face the consequences. And if they inflicted losses on the public by manipulating the exchange rate in such a way as to undervalue the rand, they shouldn’t expect much mercy. The law should be allowed to...
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