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Two SA banks commit to cooperation in collusion probe

Both Absa and Investec have committed to working with authorities in their investigation into alleged price fixing.

FILE: Picture: Facebook.com.

JOHANNESBURG - Two of the three major local banks accused of colluding to fix the price of the rand say they will cooperate with the Competition Tribunal in its investigation.

On Wednesday, the Competition Commission referred the case to the tribunal, which will now determine if a total of 17 banks broke the law by manipulating the markets as far back as 2007.

Absa, Investec and Standard Bank are among the implicated financial institutions.

In brief statements, both Absa and Investec have committed to working with authorities in their investigation into alleged price fixing and the creation of fictitious bids on local and international markets.

According to the Competition Commission dealers allegedly manipulated offers and trading times using platforms such as Bloomberg messenger to collude with one other.

Now that the matter has been handed to the tribunal, the banks will be given an opportunity to explain themselves.

Standard Bank is yet to respond to the allegations.

Meanwhile, opposition parties and the African National Congress have all called for harsh sanctions against guilty banks.

LISTEN: 3 of SA’s biggest banks caught in collusion case

(Edited by Zamangwane Shange)