[LISTEN] 3 of SA’s biggest banks caught in collusion case
Competition Commission deputy Hardin Ratshisusu breaks down the bank collusion case involving three of SA’s biggest banks.
CAPE TOWN - The Competition Commission has referred a collusion case to a tribunal for prosecution against several banks including Standard Bank, Investec and Absa.
The commission has been investigating a case of price fixing and market allocation in the trading of foreign currency pairs involving the rand since April 2015. It has now referred the case to the tribunal for prosecution.
The commission found that from at least 2007, the respondents had a general agreement to collude on prices for bids, offers and bid-offer spreads for the spot trades in relation to currency trading involving US Dollar/Rand currency pair.
Further, the commission found that the respondents manipulated the price of bids and offers through agreements to refrain from trading and creating fictitious bids and offers at particular times.
Listen to the audio above as the commission's deputy, Hardin Ratshisusu, explains.