Competition Commission to take rand manipulation case to ConCourt
The Competition Commission will approach the Constitutional Court as it seeks to appeal the decision by the Competition Appeal Court to dismiss currency manipulation charges against several banks.
In January, the Appeals Court dismissed the Commission's charges against 23 banks it wanted to prosecute for alleged currency manipulation.
The judgment set aside the decision of the Competition Tribunal which orders all accused banks to respond to charges placed against them by the Commission for the manipulation of the rand/dollar.
The case was dismissed against all South African Banks appealing except for Investec Bank, which opted not to appeal.
Spokesperson Siyabulela Makunga said taxpayers need to know if these banks colluded to fix the rand/dollar currency.
“It is my belief that South Africans will not rest until they are provided with answers whether or not these banks colluded and fixed the price of the rand/dollar currency between the years 2007 and 2013.”
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