The Competition Commission says South Africans have the right to know the truth about some banks’ alleged rand manipulation.
The Commission has approached the Constitutional Court to file leave to appeal the judgment of the Competition Appeals Court (CAC) in the rand manipulation case.
The Appeals Court dismissed the Competition Commission’s charges of rand rigging against 17 local and international banks.
Appeals Court only ruled against five banks, which are expected to continue with the Commission’s case and possibly face a trial.
Rand Manipulation | Pressure on govt to act on fingered banks:
The Commission has questioned the CAC’s ruling in which the majority of the implicated banks were released without first allowing them to plead their defence.
Commission’s Spokesperson Siya Makunga says, “It is my belief that South Africa will not rest until they provided with answers whether or not these banks colluded and fixed the price of the rand, between 2007 and 2013.
“It is our strong belief that the appeal provides an opportunity to a full bench of justices at Constitutional Court to make a determination whether or not the Competition Commission has jurisdiction of prosecuting companies outside the republic of South Africa.”
