Banks under probe over ‘rand price fixing’
News by Dinilohlanga Mekuto
From SABC News
National Banks are under investigation for allegedly fixing the price of the rand in their trading.
The competition commission says that the collusion is widespread.
Competition commission spokesperson Mava Scott, says the investigation is prompted by probes conducted in America and United Kingdom.
“Similar probes have been happening in the UK and the United States and these have resulted in some huge fines and banks paying billions of rands as a result of this. We have been watching those probes and in part ours was triggered by those probes and many other things.”
The probe is currently looking at 11 banks in total. Scott says since the investigation is on-going, there could be more banks implicated.
Investec, JP Morgan, Standard Bank, Barclays are among those being investigated, the list includes both local and international banks.
Scott says implications on the rand from such collusion, are not yet clear, as the probe itself focuses on price fixing.
“What we want to look at is whether there was collusion.
And if we can prove collusion, our investigation will end there, then other things may come as secondary issues.”
He says Incentives and negotiated settlements will be granted to those banks that come forward and co-operate with the investigation.
For the full interview, click on the link below…
3 Jun 10am – National Banks are under investigation for allegedly fixing the price of the rand in their trading.