Competition Commission has strong evidence against banks involved in collusion

The Competition Commission says it has strong evidence showing how 17 major banks faked bids to distort supply and demand of currency from at least 2007.

The banks involved include Absa, Standard Bank, Investec, HSBC and Momura International plc.

Deputy Commissioner, Hardin Ratshisusu, explains how these banks manipulated currency.

We received information that traders were talking amongst themselves when selling or buying foreign currency in relation to trading of the Rand-Dollar exchange

Hardin Ratshisusu, Deputy Commissioner at the Competition Commission

When they were buying the rand they would talk [about] how to manipulate the Rand.

Hardin Ratshisusu, Deputy Commissioner at the Competition Commission

These traders would identify certain transactions where they want to make a better margin and try manipulate the movement of the exchange rate at that particular point.

Hardin Ratshisusu, Deputy Commissioner at the Competition Commission

Any manipulation of the currency on a daily basis would affect us.

Hardin Ratshisusu, Deputy Commissioner at the Competition Commission

The case has now been referred to the Competition Tribunal.

Listen to the audio below for more information...


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