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ANC: Collusion findings places doubt on trust in SA banks

The Competition Commission announced it would be referring 17 banks to the tribunal after they were accused of price fixing.

Picture: Supplied

JOHANNESBURG – The African National Congress (ANC) says they have taken an extremely dim view of the activities of the 17 listed banks which will be facing the Competitions Tribunal on charges of collusion.

On Wednesday, the Competition Commission announced it would be referring 17 banks to the tribunal after they were accused of price fixing in international markets involving the value of the rand to the dollar.

The governing party says the findings by the commission have placed doubts about the capabilities, trust and independence of South Africa’s banks.

“As South Africa, we will always raise issues of ethics, particularly within the private sector because corruption in the private sector is something that’s not spoken of. It’s like a Snow White that is not corrupt, only the public sector is corrupt.”

(Edited by Masechaba Sefularo)