Rand Manipulation
The South African Cabinet has announced its support for the Competition Commission’s investigation into rand manipulation, following the admission of liability by Standard Chartered Bank and their agreement to pay a R42 million fine.
This is part of a larger probe involving 28 banks, both locally and internationally, for their alleged manipulation of the rand exchange rate between 2007 and 2013.
The investigation covers a range of activities including fixing bids, bid-offer spreads, the spot exchange rate, and the exchange rate. It is a significant step towards uncovering and addressing fraudulent practices within the financial sector, ensuring fair and transparent market dynamics.
In a briefing on Thursday, Minister in the Presidency, Khumbudzo Ntshavheni, emphasized the government’s support for the Competition Commission’s efforts. “Cabinet supports the important work the Competition Commission is doing in this case,” she stated.
The Minister also urged respondent banks facing prosecution in the country to cooperate with local authorities, as they have done with foreign counterparts.
The government’s stance highlights the seriousness with which South Africa views the issue of market manipulation and financial misconduct.
By endorsing the Commission’s investigation, Cabinet is sending a clear message that such actions will not be tolerated and that those found guilty will face consequences.
In addition to the rand manipulation investigation, the Executive has applauded the Directorate for Priority Crime Investigation (Hawks) for their recent operation at OR Tambo International Airport, which led to the arrest of five suspects on charges related to drug trafficking and contravention of aviation and customs laws. The arrests were linked to a drug seizure in Australia and resulted in the apprehension of individuals employed by airport service companies in South Africa.
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