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...

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