Here is what you need to know about the bank price-fixing case
Standard Bank, Absa and Investec, along with 14 foreign-owned banks, have been referred to the competition tribunal for allegedly fixing the price of the rand
What you need to know: Three local banks and 14 large foreign banks have been referred to the Competition Tribunal for prosecution and are accused of price-fixing the rand. They allegedly did this by creating fake trades to change supply and demand of the rand. They are also accused of using trader chat rooms to schedule specific times to trade or withold from buying and selling to manipulate the price. The ANC has spoken about the banks as engaging in a "profit-driven assault" on the rand. The EFF has called for the their licences to be revoked so that Standard Bank‚ Investec‚ Absa and 14 foreign banks may no longer work in the country. With all this name-calling of banks… are the they guilty? No‚ the banks are accused of price fixing. The Competition Commission acts as an investigator - like the police and National Prosecuting Authority. They build a case and refer it to the Competition Tribunal‚ which acts as a court to determine innocence or guilt. The tribunal will hear the cas...
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