Association says statements that imply that all banks charged have already been found guilty of currency manipulation are deeply concerning.
The case as presented by the Competition Commission is that 28 international and local banks were referred to the Competition Tribunal because of allegations that some of their currency traders were involved in manipulating rand/dollar foreign exchange rate transactions between 2007 and 2013. As it stands now:
Three of the banks were granted leniency from prosecution in exchange for cooperating with the commission;
Just two banks settled their cases by admitting liability and paying a penalty; and
As is their right, 23 banks have challenged the Competition Commission’s referral to the Competition Tribunal.
In short, 23 banks have not been found guilty of wrongdoing. The case is still in litigation. Like every citizen – natural or juristic – banks are entitled to the due processes that our Constitution and other laws prescribe before any judgment can be made about their guilt or innocence.
Source: Moneyweb
