More banks charged for manipulating exchange rate

The probe began in 2015 when the commission launched action against 23 local and foreign banks that it claimed colluded to co-ordinate activities when giving quotes to customers buying or selling the rand and the dollar.

The new referral follows the ruling by the CAC in February this year which dismissed the banks’ appeal that sought to obtain an order dismissing the commission’s case against them. The main contention of the banks on appeal was that the competition authorities of SA did not have jurisdiction over their activities as they took place outside of SA, in New York City in particular.

The CAC ordered, among other things, that the commission must file a new referral to replace all the previous ones. The court said the new referral must demonstrate that the behaviour of the banks to manipulate the rand/dollar exchange rate had a direct and immediate effect on South African consumers and the economy.

We have your Reserve Bank, Financial Intelligence Center, Banking Ombuds, National Treasury and other regulatory bodies just watching.. What the F are people being paid for kandi?

This is treason and must be dealt with as such! The South African intelligence services should be mobilized to use all available means in their disposal to bring the perpetrators of this heinous crime to book!

Banksters. Je wish culture

RSA banker are fuckup

CompComSA, does this include TreasuryRSA ? AskingForAFriend

Send these thuggery banks to the gallows.

You mean the ANC anti-capitalist Commission.

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