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Currency manipulation | Setback for Competition Commission

Wednesday 10 January 2024 - 20:44pm
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JOHANNESBURG - The Competition Appeals Court has dismissed the Competition Commission's charges against 24 banks it wanted to prosecute for alleged currency manipulation.

READ: SA fines Standard Chartered for currency manipulation

The Appeals Court found sufficient facts existed to only take four international banks to court.

The Commission had wanted to prosecute 28 banks for a conspiracy to rig the rand between 1007 and 2013.

Only Investec and a handful of international banks remain in the crosshairs.

David Shapiro, Sasfin Securities global equities strategist, discussed this with eNCA.

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