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:
The Competition Commission must impose really harsh sentences on these banks for colluding.
— Sanele Zondi (@SaneleZondii) February 16, 2017
Gosh. Competition Commission prosecutes ABSA and Standard Bank for collusion including other international banks.?
— TayeDigsYou (@Thato_twigglez) February 15, 2017
— Zwelinzima Vavi (@Zwelinzima1) February 15, 2017
3rd Since we can't trust the banks, the both Competition Commission and Public Protector's Office need Board sits at all the banks
— DJ GWANKWANKWA? (@Mzo_XO) February 16, 2017
@Mag1do Not surprised at all, still have a toothless Competition Commission who will hit them with a fine of 10% of their annual profit.
— Kabelo_Tumelo (@kabasa_tumelo99) February 16, 2017
The digging into white collar crimes has began we thank Competition Commission SA.
— Bumble?Putin (@Molemole_S) February 16, 2017