Banks trying to get off collusion charges through technicality

Competition Commission's Sipho Ngwema says from February to date the banks implicated in price fixing of international markets involving the value of the rand to the dollar, have not responded to the allegations.

He says only one bank has made a decision to settle with the commission. Other banks have been raising technical legal issues with the tribunal.

Ngwema says the Tribunal had to also address issues of collusion on these allegations by the banks.

The problem is, they are trying to get off on technicalities, they are trying to collude, but fortunately we have now passed that hurdle that they must talk to us one by one.

Sipho Ngwema, Head of Communications at Competition Commission

The Tribunal must decide how do we move forward once we have eliminated those technical problems that they are raising.

Sipho Ngwema, Head of Communications at Competition Commission

Because of the delays, Ngwema says the banks must now choose whether they want to go through the tribunal rather than discuss the issues with the commission. But if they chose to talk to them and reach for a settlement they must know that the terms have changed.

Their conditions are going to be different from those that came earlier...

Sipho Ngwema, Head of Communications at Competition Commission

To hear the rest of the interview, listen below:


This article first appeared on 702 : Banks trying to get off collusion charges through technicality


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