More banks have been named in the Forex collusion case and reports say that the Competition Commission wants to include additional respondents. The banks were allegedly involved in fixing bids in September 2017, with many traders making millions of rands.
Head of Communications at the Competition Commission Sipho Ngwema provides clarity on the banks that are being investigated, and information around the Forex collusion case.
We have included four more banks into our referral which include Merrill Lynch, Bank of America, Investec and Bank Limited.— Sipho Ngwema, head of communications at the Competition Commission
Ngwema says that this arose out of the technical points of argument that were brought forth by the banks. He adds that the Competition Commission is trying to ensure that they are aligned and citing correctly.
When people act in the course of their employment, they act on the interest of their employers.— Sipho Ngwema, head of communications at the Competition Commission
Ngwema says that City Bank has paid a fine and some banks acted as witnesses which means they have admitted to this particular conduct.
He adds that there are banks which are raising legal technicalities, and some have argued that the Competition Commission doesn’t have jurisdiction over them, or they haven’t been cited correctly.
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This article first appeared on 702 : [LISTEN] More banks allegedly involved in Forex collusion case