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Competition Commission awaiting more responses in bank collusion probe

The Competition Commissioner says the investigation has now been referred to the Competition Tribunal with Citibank and Absa expected to testify as witnesses.

Thembinkosi Bonakele. Picture: Supplied.

CAPE TOWN - The Competition Commission is awaiting for responses from some banks regarding the forex trading cartel.

Commissioner Thembinkosi Bonakele on Tuesday briefed Parliament's Portfolio Committee on Economic Development on the progress of its investigation.

The commission has found that 17 local and international banks have been involved in the manipulation of the rand-dollar exchange rate.

Bonakele told Members of Parliament that Citibank has agreed to pay an administrative penalty of over R69 million in a settlement with the commission.

He says the commission is however still awaiting responses from others.

“We’re running a case and I don’t want to put pressure on them because they’re free to take legal advice and decide how they respond.”

Bonakele says the investigation has now been referred to the Competition Tribunal with Citibank and Absa expected to testify as the commission's witnesses.

The commission has also encouraged others to come forward with information.

(Edited by Zamangwane Shange)