Competition Commission takes rand manipulation case to ConCourt
The Commission has accused several banks, including Standard Bank, Nedbank, and FirstRand Bank, of colluding to fix the rand-dollar foreign exchange rate.
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John Perlman speaks to Khaya Sithole, accountant, academic and activist.
Listen to the interview in the audio below.
The Competition Commission has approached the Constitutional Court to appeal a ruling which dismissed its case against several banks accused of manipulating the rand.
This comes after the Competition Appeal Court threw out their case against 23 of 28 banks last month claiming there was insufficient evidence to prove a conspiracy.
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The Commission accused the banks, including Standard Bank, Nedbank, and FirstRand Bank, of colluding to fix the rand-dollar foreign exchange rate.
Sithole says that the Competition Commission has the burden to prove how the banks and their representatives were colluding, which they were unable to prove for many of the banks.
By approaching the Constitution Court, they are hoping to ensure those banks still have a case to answer.
“They have to demonstrate that they have a reasonable prospect of success.”
- Khaya Sithole, accountant, academic and activist