Twitter reacts to SA banks collusion

February 16, 2017 • Finance, Online & Social, Southern Africa, Top Stories

Competition Commission prosecutes SA banks for collusion.

Competition Commission prosecutes SA banks for collusion.

On Wednesday afternoon, South Africa’s Competition Commission announced that they would be referring a case involving 17 banks to the Competition Tribunal; this after said banks were accused of carrying out acts aimed at manipulating the value of the South African Rand.

According to reports, there appeared to be a general agreement to collude on prices for bids, offers and bid-offers for spot trades in relation to the currency.

According to News24, the commission is seeking an order declaring that at least 14 of the 17 banks are liable for the payment of an administrative penalty equal to 10% of their annual turnover.

The announcement by the commission has sparked outrage in South Africa:

Staff Writer

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