Competition Commission appeals to Constitutional Court

JOHANNESBURG - The Competition Commission has approached the Constitutional Court to file for leave for appeal against the recent Competition Appeals Court judgment.

In early January, the Appeals Court dismissed the Commission's charges against 23 banks it wanted to prosecute for alleged currency manipulation.

It found sufficient facts existed to only take four international banks to court.

A local bank, Investec, did not join the court action by the other banks, and could still go to court as well.

The Commission alleges 28 banks colluded to manipulate the US dollar and the rand exchange rate, divide markets and allocate customers, which contravenes the Competition Act.

In their current request for leave to appeal, the Competition Commission will only appeal the order against 13 banks, which includes three local banks namely Standard Bank of South Africa Limited, Nedbank Limited, and FirstRand Bank Limited.