CompCom hits 17 banks (incl. Absa, Investec, Std Bank) for forex collusion. Seeks prosecution.
The Competition Commission referred a collusion case to the tribunal for prosecution against 17 banks, including three of South Africa’s big banks.
The Competition Commission referred a collusion case to the tribunal for prosecution against 17 banks, including three of South Africa’s big banks.
The biggest banks know better than to publicly take on South Africa’s ruling African National Congress. So when President Jacob Zuma sent markets plunging by replacing the finance minister with an obscure lawmaker, they rushed to lobby the ANC behind the scenes.
The JSE’s Banking Index has given up 13% since late April, pushed by Competition Commission investigation into apparent wide-scale rigging of forex markets.
A South African money manager is leading a drive to form blocks of investors holding preference shares in the country’s biggest banks to persuade the lenders to redeem the securities at the highest-possible prices.
This information has been prepared by IG, a trading name of IG Markets Limited.