The Competition Commission says South Africa will no longer do deals with banks offering to cooperate in a case into alleged rigging of the rand.
It’s a blow to some banks that had approached the watchdog. “Some banks have approached us discreetly to discuss a settlement. We are no longer interested in those discussions,” Commissioner Tembinkosi Bonakele told reporters.
The commission concluded an investigation in February into whether banks colluded to coordinate their trading activities when giving quotes to customers who were buying or selling currencies.
It recommended fines amounting to 10% of the more than a dozen local and foreign banks’ revenues in a scandal that has piled political pressure on local banks.
Full Content: Reuters
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
FTC Urged to Enforce Rarely Used Antitrust Law Against Retail Giants
Mar 28, 2024 by
CPI
UK’s Fingleton Bolsters Team with New Additions
Mar 28, 2024 by
CPI
Britain’s Competition Regulator Clears Aviva’s Acquisition of AIG Life UK
Mar 28, 2024 by
CPI
White House Implements New AI Safeguards to Protect Rights and Safety
Mar 28, 2024 by
CPI
Denver Court Sets August Date for Kroger-Albertsons Merger Showdown
Mar 28, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Real Estate & Antitrust
Mar 27, 2024 by
CPI
Systematic National Evidence of Steering by Real Estate Agents
Mar 27, 2024 by
CPI
Compliance Now! Actionable Antitrust Advice for the Residential Real Estate Industry
Mar 27, 2024 by
CPI
Real Estate Commissions: Some Insights from the Economics of Multi-Sided Platforms
Mar 27, 2024 by
CPI
New Ideas for Promoting Real Estate Brokerage Price Competition
Mar 27, 2024 by
CPI