BEE group seeks access to details of forex fixing scandal probe

The Black Empowerment Foundation says it hopes by laying criminal charges against the banks involved in alleged forex fixing it will force more details to come to light.

FILE: Picture: EWN.

CAPE TOWN - The Black Empowerment Foundation says it hopes by laying criminal charges against the banks involved in alleged forex fixing it will force more details to come to light.

Eighteen local and foreign banks have been accused of manipulating the rand-dollar exchange rate since at least 2007.

Following their investigation, the Competition Commission referred the case to the Competition Tribunal earlier this year.

Meanwhile, Citibank, one of the banks involved in the fixing, has paid an administrative penalty of R69.5 million for its involvement.

The foundation's Zola Qodoshiyane has labelled the settlement as “soft”.

He claims they have not been allowed access to the details of the investigation.

“We can’t get the documents to find out what are the findings and what’s going on because the case has not been concluded. Therefore, we’ve decided to pressure them for information and to see that the case is taken into consideration and not brushed under the carpet.”

(Edited by Zamangwane Shange)