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More banks named in forex collusion case

At least 17 local and foreign banks have been implicated in price fixing and market allocation.

Picture: EWN.

JOHANNESBURG - The Competition Commission has added more banks to its investigation into the forex collusion case.

At least 17 local and foreign banks have been implicated in price fixing and market allocation to coordinate trading in the rand and US dollar.

The banks include Merrill Lynch, Bank of America, Investec, Bank Limited and Credit Suisse Securities.

The commission's Sipho Ngwema says: “We’re trying to ensure that whoever we’re fighting will be fought correctly. We are not leaving anything to chance.”

(Edited by Shimoney Regter)