The need to properly spend public funds calls for nine banks accused of manipulating the rand-dollar exchange rate, to be joined in a case against 23 other banks that have already been charged by the Competition Commission, the Competition Tribunal heard on Monday.
Advocate Tembeka Ngcukaitobi, for the commission, made these arguments in support of the case to join the nine other banks. “On costs, we say it is plain that if the commission does not join additional litigants, it needs to litigate separately against each of the respondents who oppose joinder. You must ask whether public funds used by the commission and tribunal will be spent properly by additional claims that will be launched. It seems clear to us on consideration of costs, you must allow the joinder,” Ngcukaitobi said.
The commission said that that enabled the banks to co-ordinate their trading activities when quoting customers who buy or sell currencies.
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