Thabo Mbeki calls on Competition Commission to get to bottom of rand manipulation saga

Former President Thabo Mbeki said banks complicit in the scheme to manipulate the rand should be brought to book.

Almost 30 commercial banks are under fire for alleged price fixing involving the South African local currency.

British multinational bank, Standard Chartered, was recently fined almost R42 million by The Competition Commission after it admitted to engaging in currency manipulation.

While it’s the second firm to be outed for the banking scandal, scores of other banks have denied colluding to inflate their profits.

Speaking on the sidelines of the ‘Cape Town Conversation’ on Sunday, Mbeki told journalists that the claims were worrying.

“The matter about the manipulation of the rand is nothing new, it happens with all of these tradeable currencies. I remember an instance when they did that in London with the British pound.”

Mbeki called on the Competition Commission to get to the bottom of the issue.

“I thought I saw that some of the banks are saying they are ready to cooperate, to tell the truth, including about who else was there.

“I think it’s very important that action should be taken against culprits but I think it’s a very important process, and it’s important that some of the banks want to come clean.”

-EWN

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