STANDARD CHARTERED ADMIT TO CURRENCY MANIPULATION, FINED R43 MILLION

British bank Standard Chartered admitted that they colluded with other banks to manipulate the rand.

The Competition Commission said that Standard Chartered (SCB) admitted liability and agreed to pay a fine of almost R43 million.

Commissioner Doris Tshepe said they encourage other banks involved to settle their complaints.

“The Commission welcomes SCB’s decision to reach a settlement on this matter and encourages other respondent banks to consider settling the complaint against them.”

EWN reports that SCB is one of 28 banks that the watchdog has accused of involvement in a scheme to manipulate the rand-US dollar exchange rate between 2007 and 2013.

Trades at the different banks used messages on instant messaging platforms to fix bids and offers and engage in other activities. These activities went against the competition rules.

In 2017, Citibank paid a fine after they were found guilty of the same allegations.

South Africa’s Competition Appeal Court is currently in the process of holding hearings related to cases involving dozens of banks, both local and international.

Image credit: EWN