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DA: Banks in collusion scandal must face full might of the law

The commission has implicated 17 local and international banks of manipulating the currency.

Picture: Freeimages.com.

JOHANNESBURG - The Democratic Alliance (DA) says banks found guilty by the Competition Commission must face the full might of the law.

The commission has implicated 17 local and international banks of manipulating the currency saying it has evidence that they faked bids to distort supply and demand.

The opposition party says it regards collusion in an extremely serious light as it shortchanges and harms the consumer and serves to perpetuate economic injustice.

The DA’s shadow minister of economic development Michael Cardo says the party supports all moves to crack down on abusive market conduct.

“Should these traders be found to have contravened the Competition Act and should it be proven that they did so with the knowledge and consent of their financial institutions, they should face the full might of the law. The Competition Tribunal will have to determine exactly what happened and whether the absolute level of the rand was manipulated.”

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

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

Meanwhile, 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.

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.

Standard Bank is yet to respond to the allegations.