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Banks implicated in Rand-rigging deny alleged collusive transactions

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Commercial banks that are implicated in the rigging of the Rand against the US dollar saga say the Competition Commission has failed to provide enough facts regarding the alleged collusive transactions.

The 23 banks were giving testimony before the Competition Tribunal during the second day of the Competition Tribunal hearings.

Most of the banks that gave testimony on Tuesday want the competition tribunal to dismiss the cases against them because of lack of evidence. They have once again argued jurisdiction, prescription and that there is no proof that they participated in the collusive transactions.

They have also argued that the matter has been prescribed because it happened three years ago. The alleged collusive transactions took place from 2007 to 2013.

The banks are said to have made massive profit by manipulating the Rand against the US dollar and the competition commission says consumers have suffered the consequences of this.

The competition commission has refuted claims that it took too long to investigate this case saying it was only made aware of it by Absa bank three years after the collusive transactions took place.

Its investigation found that the banks had a general agreement to collude on prices for bids in relation to currency trading. Click below for more on the story: 

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