Analysts believe Competition Commission will struggle to prove collusion rand manipulation case

JOHANNESBURG - Some analysts believe the Competition Commission will struggle to prove overall collusion in its rand manipulation case against major banks.

The commission has approached the Constitutional Court for leave to appeal a ruling that dismissed its case against several banks.

Commentator Khaya Sithole said the commission will have its work cut out for it to prove the banks conspired to manipulate the rand.

Last month, the Competition Appeal Court threw out the commission's case against 23 out of 28 banks citing a lack of sufficient evidence.

Sithole said the case was structured in a manner that was more ambitious than practical.

''The allegation that all of these banks were part of a singular conspiracy requires someone to indicate how all of them essentially became part of this conspiracy, how they all colluded with each other. And I think the data that has been presented by the banks in their defence because most of them submitted responding affidavits they can't simply link the tapestry of the conduct of their traders on this conspiracy."