The Competition Commission has approached the Constitutional Court of South Africa for leave to appeal a ruling dismissing its case against several local and international banks for allegedly conspiring to manipulate the rand.against 23 of 28 banks on 8 January 2024, saying that the anti-monopoly watchdog did not provide sufficient evidence to prove a “single overall conspiracy”.
The Commission noted that Absa Bank Limited, Barclays Capital Inc., and Barclays Bank plc applied for leniency, while Citibank N.A. and Standard Chartered Bank have settled out of court. Khumbudzo Ntshavheni, Minister in the Presidency responsible for State Security, Government Communications and Information System, Statistics South Africa, and any others assigned by the President from time to timeThe Commission’s allegations against several major South African and international banks have led to misunderstandings, myths, and downright misinformation.
“Whilst the wrongdoing described by the Competition Tribunal harmed individual clients, it would not have influenced the depreciating trend of the currency since 2013,” Treasury stated.
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