BREAKING: Competition Commission prosecutes banks for collusion – ABSA & Standard among those in hot water

Maria Ramos

Maria Ramos of ABSA – one of the banks fingered by the Competition Commission

The Competition Commission released a statement a while ago in which it referred “a collusion case to the Tribunal for prosecution against Bank of America Merrill Lynch International Limited, BNP Paribas, JP Morgan Chase & Co, JP Morgan Chase Bank N.A, Investec Ltd, Stand New York Securities Inc, HSBC Bank Plc, Standard Bank Chartered Bannk, Credit Suisse Group, Standard Bank of SA, Commercerbank AG, Austalia and New Zealand Banking Group Ltd, Nomura International Plc, Macquarie Bank Limited, Absa Bank Ltd, Barclays Capital Inc, Barclays Bank plc.

sim tshabalalaSim Tshabala Group CEO of Standard Bank

The commission has been investigating a case of price fixing and market allocation in the trading of foreign currency pairs involving the Rand since April 2015. It has now referred the case to the Tribunal for prosecution.

The Commission found that from at least 2007, the respondents had a general agreement to collude on prices for bids, offers and bid-offer spreads for the spot trades in relation to currency trading involving US Dollar/Rand currency pair. The commission also found that the respondents manipulated the price of bids and offers through agreements to refrain from trading and creating fictitious bids and offers at particular times.

Full statement to follow…..

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  1. This invesigation should have done from 1996 not 2007.

    Be as it may The Cookie has begun crumbling, we doing same excirse on offshore Market which the crooks & protectors of absa at the reserve bank don’t have jurisdiction to, otherwise they will once more protect & indeminify the crooks Absa.

  2. Once again Absa is procted am get away… With 10% penalty.

    all of the banks, except Absa and parent Barclays Plc.

    “[This is] because they cooperated with the investigation and have applied for immunity in terms of the corporate leniency policy,” said commission spokesman Sipho Ngwema.

    A spokesman for Absa, who asked not to be named because of bank policy, declined to comment on its application for leniency.
    “At the onset, we indicated that we would co-operate with the investigation,” said the spokesman. “That’s what we’ve done and we’ll continue to do during the prosecution phase.”

    The Reserve Bank concluded a similar investigation in 2015 that found many of the same entities probed by the commission guilty of sharing confidential client information in contravention of regulations.

    The Bank’s foreign exchange review committee, chaired by former deputy governor James Cross, found the banks had failed to routinely monitor communication between dealers.

    The dealers escaped more serious misconduct or malpractice charges, with deputy governor Daniel Mminele noting that the review committee was restricted to investigating domestic markets because it did not have jurisdiction offshore.

  3. When it was pointed out that the banks artificially devalued the Rand when Van Rooyen was appointed some people dismissed that in pursuit of their regime change agenda. Now, it has come out in the open. And to think that it has been happening since 2007 is hair raising and stomach turning! Ten years of manipulating the economy and perpetuating poverty is unforgivable. As for ABSA, it has never been a good corporate citizen. From supporting apartheid to stealing from the State and extension the poor. Their shareholders should surely be ashamed and should pay dearly. The ned for a Judicial Commission of Inquiry into the bank activities is now long overdue. It is now more necessary than ever before.

    1. I in February 2016 wrote about Rupert’s intervention with banks to overturn Van Rooyen’s appointment as Finance Minister. I was vilified for attributing this White Monopoly Capital intervention as the reason for the Rand fall. The Competition vilifies this stance

  4. The early signs of revolution is on the horizon. It is critical that we as South Africans nationalise the financial institutions as they develop all kinds of strategies and collusive dealings to resist economic transformation. Mandela reneged on his promise to the people as part of the sell-out.

  5. This is the start of things to come for these banks. I hope nothing is swept under the carpet. Expose these fraudsters. They are in a minority but have an effect on an unsuspecting majority. How i wish i was a dog and Absa the tree.

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