Speaking on CapeTalk, Commissioner for the Competition Commission, Tembinkosi Bonakele, said some of the banks investigated may show conduct that amounts to a criminal offense.
The commission says it has evidence that the banks implicated faked bids to distort supply and demand.
Instead of going into the market on their own, they sought to manipulate the market by colluding with each other.— Tembinkosi Bonakele, Commissioner for the Competition Commission
Bonakele said he'd ask for 10% of the banks' turnover but that this would only be determined after penalties had been imposed by the tribunal.
Absa has been given provisional immunity on condition that it cooperates fully with the investigation. It may not face penalties should it help the commission unravel what transpired, when, how and with whom.
The case is very strong and there are real people behind what we are alleging. There was a trading platform that was used and it seems to us that a whole lot of people who traded, using particularly the Bloomberg communication system, seemed to have been part of this widespread conspiracy.— Tembinkosi Bonakele, Commissioner for the Competition Commission
According to Dr Iraj Abedian, Chief Executive Pan African Capital Holdings, "the banks stole from you and I, at the end of the day." He said he was not surprised that it has happened here because it's a practice that has been prevalent in the global markets, where banks involved have been fined billions and billions of dollars.
If the currency is pushed down, items become more expensive and you and I pay for it. ... We all pay, but the poor pay proportionally more.— Dr Iraj Abedian, Chief Executive Pan African Capital Holdings
Take a listen to the full interview with Tembinkosi Bonakele, Commissioner for the Competition Commission and Dr Iraj Abedian, Chief Executive Pan African Capital Holdings.