[LISTEN] Do we need a state-owned bank?
Wits academic Mondi Lumkile says there’s still space to add more banks to tighten the competition in the finance space.
Mondi Lumkile, senior lecturer at Wits School of Economics and Business Science, says there’s still space to add more commercial banks to tighten the competition in the finance space.
On Wednesday, the Competition Commission referred a 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.