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Competition Tribunal confirms Citibank's R69.5m settlement

The Tribunal has confirmed Citibank will now pay a fine of R69.5 million for its role in a cartel that manipulated the value of the rand.

FILE: Picture: EWN.

JOHANNESBURG - The Competition Tribunal has now confirmed a settlement with Citibank that will see the bank paying nearly R70 million as a fine for its role in a cartel that manipulated the value of the rand.

It's also confirmed that Citibank will appear as a witness in the hearings of the other banks who are also accused of being involved in this cartel.

The Competition Tribunal has confirmed that Citibank will now pay a fine of R69.5 million for its role in this cartel - that figure is not above ten percent of Citibank’s annual turnover in South Africa.

The bank also admits that between 2007 and 2013, it and its competitors manipulated the price of bids and offers through agreements to not trade and creating fake bids and offers at particular times.

The tribunal says the Competition Commission reports that Citibank has already started supplying information that is helpful to its investigation.

Seventeen banks, including Standard Bank, Absa Bank, JP Morgan, Investec Ltd, BNP Paribas, and Nomura, have been accused of being involved in this currency manipulation.

(Edited by Zamangwane Shange)