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MKMVA calls for harsh punishment for banks in collusion saga

The Competition Commission found banks helped each other reach desired prices by coordinating their trading times.

Picture: Pixabay.com.

JOHANNESBURG - The African National Congress’ uMkhonto we Sizwe Military Veterans Association has called for the harshest punishment for the banks implicated in the collusion to manipulation of foreign currency trade, saying there must be a judicial commission of inquiry.

The Competition Commission found that 17 local and international banks, which include Absa, Standard Bank and Investec, helped each other reach desired prices by coordinating their trading times and creating fake bids and offers to distort demand and supply.

The commission recommended that some of the banks be fined be fined 10% of their final turnover.

But MKMVA chair Kebby Maphatsoe says that’s not enough.

“This is corruption at its highest stage and we are saying sometimes we don’t have to only accept the fines but we really need to dig deeper into this collusion.”

On Friday, the ANCYL called on government to revoke licenses of banks involved.

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