Standard Bank says Competition Commission is dropping charges against some banks

The Competition Commission will withdraw charges against some banks accused of rand-rigging.

It will, however, accuse other banks of collusion instead.

So said Standard Bank on Tuesday.

The Money Show’s Bruce Whitfield interviewed Bloomberg News journalist Renee Bonorchis and the Competition Commission’s Thembinkosi Bonakele.

Listen to the interviews in the audio below (and/or scroll down for quotes from it).

This is linked to the global scandal and may not have to do with politics in South Africa.

Renee Bonorchis, Bloomberg News

Everybody seems to be confused by the legal process.

Thembinkosi Bonakele, Competition Commission

Many of the US banks claim their conduct would not have an effect on South Africa.

Thembinkosi Bonakele, Competition Commission

I understand this [that Standard Bank says the Competition Commission will withdraw charges against some banks accused of rand-rigging], but it’s an error.

Thembinkosi Bonakele, Competition Commission

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This article first appeared on 702 : Standard Bank says Competition Commission is dropping charges against some banks


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