Institutions accused of engaging in conduct considered most egregious in competition law
SEVERAL parts of the country’s economy, including imports and exports; foreign direct investment; public and private debt and company balance sheets, were among the hardest hit when 28 South African and international banks allegedly colluded to manipulate the rand/dollar currency.
This is according to the Competition Commission which has set its sights on having Absa, Standard Bank, Nedbank, FirstRand, Investec, Standard Americas, Australia and New Zealand Banking Group, Commerz Bank (Germany), Macquarie Bank Limited (Australia), Barclays, Bank of America, HSBC Bank, Merrill Lynch Pierce Fenner and Smith, JP Morgan Chase, Credit Suisse Securities (US), among others, answer for the alleged collusion between 2007 and 2013.
This legal battle is before Competition Appeal Court (CAC) and is set to…