Competition Appeal Court rules that commission can charge foreign banks for anticompetitive behaviour if they have a ‘personal connection’ to SA
The Competition Appeal Court has given the Competition Commission a reprieve by ruling on Friday that it can again charge foreign banks over price-fixing of the rand.
Three years later, the actual court case has yet to begin due to legal wrangling over the vague charges and the foreign banks arguing that the commission has no jurisdiction over them as they have no presence in SA. In the ruling, judge Dennis Davis allowed the commission to charge foreign firms for anticompetitive behaviour in this and other cases. An older law requires the foreign firms to have physical attachable property or persons based in SA, but Davis specified in his judgment that the modern economy can be internet-based.
The commission must refile charges within 40 days and show in detail how it intends to prove the alleged price-fixing that took place abroad had a significant and direct effect on SA’s economy. This may be difficult as the rand is one of the most heavily traded currencies. The commission on Friday said it would refile charges, saying it was “delighted” with the Competition Appeal Court ruling.
Commission spokesperson Sipho Ngwema said: “The commission will file a new referral as directed by the court and will rectify whatever has to be corrected with regards to the case.”
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