Currency collusion clampdown continues
Competition commission plans to go ahead with its prosecution of 14 banks, despite technical issues causing delays
The competition commission is not backing down on plans to prosecute 14 banks for currency collusion and will not be dropping charges against any of them. The commission, which first announced the investigation in 2015, referred a case to the competition tribunal in February that centred on alleged collusion among bank traders to fix prices on rand/dollar trades. Spokesman Sipho Ngwema says the commission is ready to have the case heard, but "exception applications" filed by the 14 banks that stand to be prosecuted have caused delays. The exception applications raise technical issues with the commission’s case, rather than responding to the complaint itself. For instance, international banks such as Bank of America Merrill Lynch and JPMorgan Chase argue that the commission has no jurisdiction over them. BNP Paribas has taken exception to the fact that Jason Katz — a former Barclays Plc trader who pleaded guilty in a New York court in January to conspiring to fix prices — is said to ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.