Standard Bank in discussions with Competition Commission
Standard Bank says it only became aware of the allegations of collusion against it after complaints were laid with the Competition Tribunal.
According to the bank, the South African Competition Commission announced that it had initiated a complaint against Standard New York Securities Inc (SNYS) and 21 other institutions concerning possible contravention of the Competition Act in relation to USD/ZAR trading between 2007 and 2013. No mention was made of The Standard Bank of South Africa Limited (SBSA).
The Competition Commission lodged five complaints with the Competition Tribunal against 18 institutions in February, including SBSA and SNYS, in which it alleges unlawful collusion between those institutions in the trading of USD/ZAR.
"SBSA only learned of the complaints at this time and is alleged to have been implicated in one, and SNYS in two, of the five complaints," says the bank.
The bank says SBSA and SNYS are engaging with the Competition Commission to better understand the basis for the complaints and the appropriate response.
"Pending the outcome of these engagements and in the light of these historic allegations only having been brought to SBSA's attention on 15 February, no suspension of current employees of SBSA has taken place," says the bank.
Standard Bank Group says it considers these allegations in an extremely serious light and remains committed to maintaining the highest levels of control and compliance with all relevant regulations.
"The allegations are confined to USD/ZAR trading activities within SBSA and do not relate to the conduct of the Group more broadly," says the bank.