The banks' charges of illegal market conduct, including collusion and insider trading alleged to have happened in 2007, have been handed over to the tribunal at the Competition Commission for prosecution.
Speaking on CapeTalk this morning, Financial Mail's Deputy Editor, Sikonathi Mantshantsha, said National Treasury is calling it "unbridled greed", that it is supporting the commission, saying if there's any evidence and if anyone has proven to have been corrupt in this manner, the most drastic steps and grievous punishment must be meted out to these banks.
We've seen fines being levied for collusion before, for example Tiger Brands and Pioneer for collusion on bread.— Sikonathi Mantshantsha, Deputy Editor Financial Mail
In the United States, banks have been fined $5,6billion for the exact same type of behaviour. ... It's daylight robbery.
Take a listen to the full interview with Pippa Hudson and Sikonathi Mantshantsha, Deputy Editor Financial Mail:
This article first appeared on 702 : Treasury labels bank's collusion as "unbridled greed"