Banks trying to get off collusion charges through technicality

Competition Commission's Sipho Ngwema says from February to date the banks implicated in price fixing of international markets involving the value of the rand to the dollar, have not responded to the allegations.

He says only one bank has made a decision to settle with the commission. Other banks have been raising technical legal issues with the tribunal.

Ngwema says the Tribunal had to also address issues of collusion on these allegations by the banks.

The problem is, they are trying to get off on technicalities, they are trying to collude, but fortunately we have now passed that hurdle that they must talk to us one by one.

Sipho Ngwema, Head of Communications at Competition Commission

The Tribunal must decide how do we move forward once we have eliminated those technical problems that they are raising.

Sipho Ngwema, Head of Communications at Competition Commission

Because of the delays, Ngwema says the banks must now choose whether they want to go through the tribunal rather than discuss the issues with the commission. But if they chose to talk to them and reach for a settlement they must know that the terms have changed.

Their conditions are going to be different from those that came earlier...

Sipho Ngwema, Head of Communications at Competition Commission

To hear the rest of the interview, listen below:


Recommended

by NEWSROOM AI
Read More
"There are limited protections for Uber drivers"

"There are limited protections for Uber drivers"

Jo Pullett, senior analyst at Independent Industrial Corporation says there are few innovations available to protect Uber users.

Competition Commission launches data probe

Competition Commission launches data probe

Commissioner Tembinkosi Bonakele says they will be looking at the state of rivalry by network providers.

What's up with the red jersey Bokke?

What's up with the red jersey Bokke?

Many critics argue that the colour change of the Springboks away jersey is just a marketing ploy to get consumers to buy more.

702 Motoring Festival Competition T's & C's

702 Motoring Festival Competition T's & C's

The rules pertaining to the Facebook ticket giveaway to the Wesbank Motoring Experience

Stuttaford case an example for companies to deter colluding - Commission

Stuttaford case an example for companies to deter colluding - Commission

The commission says Stuttaford faces the largest number of charges, against a single company, in the history of SA anti-cartel enforcement.

Lions second best again

Lions second best again

The Lions have lost the Super Rugby final for a second consecutive year, as they lost 17-25 to the Crusaders at Ellis Park this Saturday.

Big business is not investing in the local economy - study

Big business is not investing in the local economy - study

This is according to research from the UJ Centre for Competition, Regulation and Economic Development.

Stuttaford Van Lines charges with 649 counts of collusive tendering

Stuttaford Van Lines charges with 649 counts of collusive tendering

It's the most charges against a company ever. Bruce Whitfield interviews the Competition Commissioner and Stuttaford's Director.

Exciting moment for Cheetahs as they join PRO14

Exciting moment for Cheetahs as they join PRO14

The Cheetahs and the Southern Kings rugby franchises will be playing in Europe next year, joining an expanded PRO14 tournament.

How far is BATSA's investigation on allegations of bribery and corruption ?

How far is BATSA's investigation on allegations of bribery and corruption ?

According to EWN's Barry Bateman, no action has been taken as yet with regards to these claims against the cigarette giant.

The Alibaba Group does not see itself as a company but an economy

The Alibaba Group does not see itself as a company but an economy

Alibaba founder Jack Ma says the future is his biggest competitor and he wants young entrepreneurs to help him succeed.

The Beginners Guide to the Telkom 947 Cycle Challenge

The Beginners Guide to the Telkom 947 Cycle Challenge

An endurance sports specialist unpacks what is needed to ensure that you not only get to the start line, but also finish the race.

Popular articles
Africa State of Mind: 'My dream is to be global' -  Sho Madjozi

Africa State of Mind: 'My dream is to be global' - Sho Madjozi

In this episode of Africa State of Mind, Lee Kasumba chats to South African rapper Sho Madjozi about her upbringing, and rise to fame.

'Love your vulva the way it is' - Designer vaginas are dangerous, warns Dr Eve

'Love your vulva the way it is' - Designer vaginas are dangerous, warns Dr Eve

So-called 'designer vaginas' are created through various surgical or non-surgical procedures, explains clinical sexologist Dr Eve.

'Cyril is the most popular president since Nelson Mandela'

'Cyril is the most popular president since Nelson Mandela'

Author Max de Preez weighs in on where SA would be if Jacob Zuma was still president and the impact of Ramaphosa now.

[WATCH] Internet search for talented singer Nosipho is over...she's been found!

[WATCH] Internet search for talented singer Nosipho is over...she's been found!

Khabazela shares tweets and Facebook posts that have gone viral.

'Evidence is solid. Poor people’s money was used illegally. Shivambu benefitted'

'Evidence is solid. Poor people’s money was used illegally. Shivambu benefitted'

Ray White interviews Pauli van Wyk, an investigative journalist with Scorpio at Daily Maverick.