Timing of bank collusion case can't be ignored- political analyst

Competition Competition is referring 17 major banks to Competition Tribunal because for distorting currency markets and trading of the Rand against the Dollar.

Commissioner at the Competition Commission, Thembinkosi Bonakel, says he is convinced that they have strong evidence against the banks, which include Standard Bank, Absa and Investec.

Political analyst, Ralph Mathekga, says there has always been a suspicion that local banks have been responsible for currency manipulation.

Mathekga says there should be a fair opening inquiry and ordinary South Africans should be made aware how their daily lives are affected by currency manipulation.

However, my caution is that it should not be reduced to a political tussle between the elites and banks because political elites in the country, lawmakers and so forth, have known about this. They need to answer why is it the practice has been allowed for such a long time.

Ralph Mathekga, political analyst

Mathekga says it's important not to ignore that this news broke at the time where banks are in the spotlight around Gupta family controversy and Financial Intelligence Centre Amendment Act (Fica Bill).

We cannot avoid the timing. The story develops to this point of litigation and maybe possible prosecution at the time where there is tension between ANC government and banks.

Ralph Mathekga, political analyst

This issue weakens the position of the banks. It says to the banks, 'if you are left alone, you are just as corrupt, look at what you have done'. This is where the banks should answer for themselves.

Ralph Mathekga, political analyst

Listen to the audio below for more information on this breaking story...


This article first appeared on 702 : Timing of bank collusion case can't be ignored- political analyst


Recommended

by NEWSROOM AI
Read More
Three of SA's big banks accused of collusion

Three of SA's big banks accused of collusion

Competition Commission referred a collusion case to the Tribunal for prosecution against 17 banks.

Competition Commission probes motor industry “approved workshop” requirements

Competition Commission probes motor industry “approved workshop” requirements

The Commission is investigating complaints that insurance companies won't cover car repair workshops not on an approved list.

'Guptas funding all political parties expect the EFF', says Godrich Gardee

'Guptas funding all political parties expect the EFF', says Godrich Gardee

EFF secretary-general Godrich Gardee unpacks the party's plans for the year and 2019 general elections, after their third plenum.

Absa's Maria Ramos speaks out on Public Protector's leaked report

Absa's Maria Ramos speaks out on Public Protector's leaked report

Absa CEO Maria Ramos says she trusts the Public Protector despite "factual and legal inaccuracies" findings in her leaked report.

5 things you need to know to understand the 'Public Protector vs Absa' debacle

5 things you need to know to understand the 'Public Protector vs Absa' debacle

Can’t wrap your head around it? You’re not alone. The Money Show’s Bruce Whitfield interviews Intellidex MD Stuart Theobald.

Guptas a step closer to solving their banking woes

Guptas a step closer to solving their banking woes

Blacklisted by South Africa’s top four banks; the Guptas are cracking one of the major problems facing them.

Initial Absa report gave no clarity on how money would be repaid - Dennis Davis

Initial Absa report gave no clarity on how money would be repaid - Dennis Davis

M&G reported on leaked Public Protector's report which found Absa must pay apartheid era R2.2 billion bank bailout to the fiscus.

No clarity on provisional Public Protector report into Absa, says Adv Hoffman

No clarity on provisional Public Protector report into Absa, says Adv Hoffman

A leaked Public Protector report allegedly reveals Absa may have to pay R2.2bn to the fiscus for an unlawful apartheid-era bailout.

Absa may have to pay R2.25 billion for unlawful apartheid era bank bailout

Absa may have to pay R2.25 billion for unlawful apartheid era bank bailout

M&G's Pauli Van Wyk speaks about Public Protector's preliminary report implicating Absa, Reserve Bank, Treasury and Presidency.

Absa backs Gordhan in proving hands are tied in Gupta-banks saga

Absa backs Gordhan in proving hands are tied in Gupta-banks saga

Pravin Gordhan applied for an order confirming he could not interfere in banks’ decisions to cut ties with the Gupta family.

Popular articles
Pieter du Toit on VBS, Malema's EFF and contradicting ethics

Pieter du Toit on VBS, Malema's EFF and contradicting ethics

Malema has accused the rogue unit of still being operational and Pravin Gordhan of working in the background against the EFF.

Zondi tells court that she had to 'look happy' in church out of fear for Omotoso

Zondi tells court that she had to 'look happy' in church out of fear for Omotoso

Cheryl Zondi is testifying against Pastor Timothy Omotoso who is accused of rape and human trafficking in his Durban church.

[WATCH] A golden buzzer for South African trio on talent show

[WATCH] A golden buzzer for South African trio on talent show

Khabazela shares some of the most popular tweets, posts, and videos on 'What's gone viral'.

'The EFF seems to be trying to find scapegoats'

'The EFF seems to be trying to find scapegoats'

Deputy Editor at Financial Mail, Sikhonathi Mantshantsha, seems to be finding excuses as to why its leaders are in trouble.

Woman alleges pastor Omotoso began sexually abusing her at 14

Woman alleges pastor Omotoso began sexually abusing her at 14

Nigerian pastor Timothy Omotoso and his two co-accused face multiple charges, including human trafficking, racketeering and rape.

Julius Malema is captured, says Kenny Kunene

Julius Malema is captured, says Kenny Kunene

Kenny Kunene describes the issues he has with EFF leader Julius Malema.

3 emergency numbers you should have on speed dial and how they work

3 emergency numbers you should have on speed dial and how they work

These are the emergency numbers you should have on your cellphone and this is what you must understand about how they work.