The Competition Commission has been ordered to redraft its case against a number of local and international banks it has accused of being part of a cartel to manipulate the rand.
The Competition Tribunal instructed the commission to remedy its “defective pleadings” in an order handed down on Wednesday. It said the commission must confine its case to that of a single overall conspiracy on the part of the banks and establish a list of allegations the banks must answer to enable them to understand the case being brought against them.
The matter has dragged on for years — dogged by accusations that the manner in which the commission has managed the case is vexatious, and counterclaims that the banks have applied extensive legal resources to avoid dealing with the merits of the complaint. Although the tribunal did not agree to dismiss the case outright —as many of the banks had requested — the instruction to rewrite its complaint narrows the scope of the commission’s arguments, which the tribunal said had lacked focus and consistency.
This raises the question of just how much more difficult it could become for the commision to prove its case.Embargo - Default message
The must consult America on how they found the same banks quilty on rand manipulation charges
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