Standard Bank CEO: We're puzzled by charges in forex fixing probe
Simphiwe Tshabalala says they don't actually know what the Competition Commission is accusing them of doing in the probe into alleged currency manipulation.
JOHANNESBURG - Standard Bank CEO Simphiwe Tshabalala says they don't actually know what the Competition Commission is accusing them of doing in the commission's probe into alleged currency manipulation.
He says that from the complaint by the commission, they are unable to determine what infraction they are accused of.
Standard Bank is one of 18 banks accused of currency manipulation involving the rand.
Last month, the Competition Commission said it had referred a case involving 18 banks to the Competition Tribunal after they were accused of price fixing in international markets involving the value of the rand to the dollar.
The banks involved include Absa, Standard Bank, Investec, HSBC and Nomura International plc.
The commission has found that from at least 2007, these banks had a general agreement to collude on prices for bids, offers and bid-offer spreads for spot trades in relation to currency trading involving the rand and the dollar.
(Edited by Zamangwane Shange)