WesBank defends agreement with Toyota as ‘legitimate and reasonable’

This comes after Competition Commission released an investigation report on Thursday, which implicates WesBank and Toyota Financial Services South Africa Limited in a vehicle finance collusion scheme.

The commission found that the two companies entered into an agreement to divide the markets by allocating customers or suppliers for the provision of vehicle finance.

But WesBank spokesperson Ghana Msibi says the entity believes the joint-venture arrangement and its restraint clause are legitimate.

Msibi says the bank is reviewing the basis of the referral to the Tribunal.

“WesBank notes that the Competition Commission has referred a complaint against WesBank to the Competition Tribunal for adjudication. WesBank is reviewing the basis for the referral of the case and will follow appropriate due process in its further engagements with both the Commission and the Tribunal.

WesBank views its joint-venture arrangement with Toyota Financial Services and the accompanying restraint clause as legitimate and reasonable in the context of the commercial arrangement.”

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