A collusion case has been referred to the Competition Tribunal for prosecution against 17 banks by The Competition Commission. Three South Africa banks are among those named on Wednesday.
Sipho Ngwema, Competition Commission spokesman says the information collected dates as far back as 2007, but the probe which uncovered a lot of damning information started in 2015.
We have a very solid case, in fact we have started talking to some of them who have come forward to say 'can we reach an agreement'... so we are very confident that we have a solid case.— Sipho Ngwema, Competition Commission spokesman
The Competition Commission has found that these banks had a general agreement to collude on prices for bid offers for spot trades in relation to currency trading involving the Rand and the dollar.
The banks involved include Absa, Standard Bank, Investec, HSBC and Nomura International plc.
There are a lot of individuals who were involved, manipulating and scamming, making sure the market is divided and the pricing is fixed...— Sipho Ngwema, Competition Commission Head of Communications
We are not asking for punitive action against all of them, I think we only asking for punitive action against 14 banks, meaning there is a level of fairness and agreement to apply for leniency...— Sipho Ngwema, Competition Commission spokesman
To hear more of this conversation, please listen below: