After the country lost trillions of rand following the suspected collusion of 28 major banks, many ANC followers were confident party president Cyril Ramaphosa would speak on the matter when delivering the January 8 Statement in Mbombela, Mpumalanga, on Saturday.
According to the Competition Commission, Absa, Standard Bank, Nedbank, FirstRand, Investec, Standard Americas, Australia and New Zealand Banking Group, Commerz Bank (Germany), Macquarie Bank (Australia), Barclays, Bank of America, HSBC Bank, Merrill Lynch Pierce Fenner and Smith, JP Morgan Chase and Credit Suisse Securities (US) are alleged to have colluded to weaken the SA rand between 2007 and 2013. The alleged conduct relates to fixing and manipulating the rand/dollar exchange rate.
Independent Media recently reported that last year, the Competition Tribunal ruled it had jurisdiction to hear the “Forex Cartel…