The Competition Commission has approached the Constitutional Court for leave to appeal the judgment of the Competition Appeal Court (CAC) in the rand manipulation case.
The Appeal Court dismissed the Competition Commission’s charges against 17 local and international banks for alleged price fixing.
The Appeal Court ruled against only four banks expected to continue in the Commission’s case and possibly face prosecution through a trial. In its current application for leave to appeal, the Commission is appealing the CAC order to the ConCourt against 13 banks.
The Commission has also questioned the CAC’s ruling to release majority of the implicated banks without first allowing them to plead their defense.
“It is my believe that South Africans will not rest until their provided with answers whether or not these banks colluded and fixed the price of the rand/ dollar currency pair between the years 2007 and 2013. It is our strong belief that the appeal provides an opportunity to a full bench of justices at the Constitutional Court to make a determination whether the Competition Commission has jurisdiction of prosecuting companies that are outside the Republic of South Africa and whose anti-competitive conduct directly affects the citizens of the country and its economy,” says Competition Commission spokesperson Siyabulela Makunga.
