The chairman of Umkhonto WeSizwe Military Veterans Association (MKMVA), Kebby Maphatsoe, says the banks involved in the alleged collusion saga should face harsher punishment.
The association has called for a Judicial commission of Inquiry into the banks after the Competition Commission found that 17 international banks colluded to manipulate foreign-currency trades.
By just giving the banks a fine gives a bad message that it is fine to do corruption as long as you can pay for it, says Maphatsoe.
As a result it has affected the economy of our country, and that is why our economy is not growing.— Kebby Maphatsoe, chairman of Umkhonto WeSizwe Military Veterans Association
Maphatsoe says that the inquiry should dig deeper into this issue of collusion and reveal how much it has affected the economy of South Africa.
He says the closing of Oakbay accounts shows that indeed the banks were colluding because they acted in the same manner.
That is corruption and it must be dealt with harsher...— Kebby Maphatsoe, chairman of Umkhonto WeSizwe Military Veterans Association
To hear more on what Maphatsoe had to say, listen below: