I am vindicated, says Zwane about banks
Mineral resources Minister Mosebenzi Zwane has welcomed the decision by the Competition Commission to refer the banking collusion matter to the Competition Tribunal for prosecution.
The Commission found that 17 banks, including three South African banks, had an agreement to collude on prices for bids, offers and bid-offer spreads for spot trades.
This related to currency trading involving the US Dollar and the Rand.
In statement, Zwane says this vindicates the call he made last year for an investigation into the banks.
Last year, Zwane said Cabinet had decided to probe four major banks for closing the accounts of the Guptas.
However, the statement was refuted by Cabinet and President Jacob Zuma.
“We trust that this matter will be speedily resolved, as it also directly affects the mining sector. Most significantly, it has a direct impact on our objective of radically transforming the mining sector and increasing ownership by black people,” Zwane said.