The Competition commission said the competition appeal court has set aside an earlier finding that there was no jurisdiction to fine international banks if they were found guilty of colluding on forex trading in the Rand Dollar case.
CAPE TOWN - The Competition commission on Friday said the competition appeal court has set aside an earlier finding that there was no jurisdiction to fine international banks if they were found guilty of colluding on forex trading in the Rand Dollar case.
The commission also challenged the order, on different grounds, and on Friday, the Cape Town-based court found in its favour, holding that the banks could be fined if the investigation yielded sufficient evidence against them. The investigation targets 23 banks, which include local banks, foreign banks with a presence in South Africa and foreign banks with no presence in the country, for allegedly rigging rand and dollar trading prices, using electronic chatrooms to collude with competitors.
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