Post by cjm on Feb 20, 2017 8:30:52 GMT
Banks bust: ‘Price-rigging’ fine would be enough to wipe out SA's budget deficit
If South Africa’s Competition Commission were to succeed in its price-fixing case against some of the world’s biggest banks, it would be enough to wipe out the country’s budget deficit, a commentator said on Thursday.
The commission is seeking massive fines against 17 banks for their hand in allegedly manipulating the rand-dollar currency trade over eight years. Implicated banks include Absa, Standard Bank and Investec, as well as international majors JPMorgan Chase, BNP Paribas and Standard Chartered.
On Wednesday, the commission said it had asked the Competition Tribunal to levy an administrative penalty of 10% of annual turnover — the highest applicable penalty under the Competition Act — against all the banks concerned.
...
If South Africa’s Competition Commission were to succeed in its price-fixing case against some of the world’s biggest banks, it would be enough to wipe out the country’s budget deficit, a commentator said on Thursday.
The commission is seeking massive fines against 17 banks for their hand in allegedly manipulating the rand-dollar currency trade over eight years. Implicated banks include Absa, Standard Bank and Investec, as well as international majors JPMorgan Chase, BNP Paribas and Standard Chartered.
On Wednesday, the commission said it had asked the Competition Tribunal to levy an administrative penalty of 10% of annual turnover — the highest applicable penalty under the Competition Act — against all the banks concerned.
...