South Africa: Cupboard Helps Competitors Fee’s Rand Manipulation Probe

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Cupboard on Thursday mentioned it’ll again the Competitors Fee’s rand manipulation investigation.

This comes after the competitors authorities introduced that the British multinational Customary Chartered Financial institution (SCB) admitted legal responsibility within the forex manipulation case and agreed to pay a R42 million high-quality.

The SCB is considered one of 28 banks, regionally and abroad, at present being investigated for allegations of manipulating the worth of the rand change price between 2007 and 2013.

The probe contains fixing bids, bid-offer spreads, the spot change price, and the change price.

Citibank, in line with the Fee, already settled the identical conduct in 2017.

“Cupboard acquired a briefing from the Competitors Fee and Nationwide Treasury on the case of the ZAR/USD forex change price collusion.

“Specifically, the Competitors Fee offered an replace on the circumstances at present earlier than courts, in addition to concluded settlements with Citibank and Customary Chartered Financial institution,” the Minister within the Presidency, Khumbudzo Ntshavheni, mentioned on Thursday.

Ntshavheni was addressing media on the outcomes of the Cupboard assembly held the day past.

“Cupboard helps the vital work the Competitors Fee is doing on this case. Noting actions in different jurisdictions on the circumstances involving the ZAR/USD forex buying and selling collusion, Cupboard urges respondent banks at present dealing with prosecution in our courts to cooperate with native authorities as they did with our international counterparts.”

Worldwide crime

In the meantime, the Govt has counseled the Directorate for Precedence Crime Investigation (Hawks) for spearheading an operation that arrested 5 suspects on the OR Tambo Worldwide Airport on 15 November 2023.

The Hawks, in line with the Minister had been cooperating with the Airports Firm South Africa (ACSA),

The suspects had been arrested on allegations of drug trafficking, contravention of the Civil Aviation Act, 2009 (Act 13 of 2009) and contravention of the Customs and Excise Act, 1964 (Act 91 of 1964).

“These arrests are linked to a consignment of medication just lately seized in Australia.

“The drug seizure overseas was positively linked to suspects in South Africa, ensuing within the arrests of two suspects employed by ACSA, two suspects from Menzies Aviation and one from Swissport.”



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