EDITORIAL: Wisdom brought to bear in forex wars
Another twist in the two-year wrangle over claims that traders at some of SA’s big banks were involved in rigging the currency suggests true accountability is still some way off
Another twist in the two-year wrangle over claims that traders at some of SA’s big banks were involved in rigging the currency suggests true accountability is still some way off. The case began when the Competition Commission said it planned to prosecute 18 banks for conspiring to rig the rand. Since then, the banks have sought to torpedo the commission’s case, claiming it was "vague and embarrassing", while the foreign banks have tried to wriggle out by claiming the local authorities have no jurisdiction over them.In a display of Solomon-like wisdom, the Competition Tribunal last week delivered a ruling that gave none of the parties involved — neither the banks, nor the Competition Commission — what they asked for, but enabled many to claim victory."The tribunal has upheld Standard Bank’s exception and ordered the commission to restate its case within 40 days and with sufficient particularity to enable Standard Bank to know what it is," said Standard Bank’s spokesperson Ross Linstr...
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