The Competition Appeal Court has dismissed charges against Standard Bank, FirstRand, Nedbank, and most foreign banks accused of conspiring to manipulate the rand’s value. The court stated that the anti-monopoly watchdog did not provide sufficient evidence to prove a “single overall conspiracy”. However, the case against JPMorgan Chase, BNP Paribas, HSBC, and Credit Suisse remains intact as their traders pleaded guilty to charges brought by the US Department of Justice in 2015.
Investec did not join the application to have the charges thrown out, allowing the Commission to bring it to trial before the Competition Tribunal. The court criticized the Commission’s weak case and granted them a final opportunity to reconfigure the referral affidavit
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