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Archive for the tag “South Africa National Treasury”

South Africa: Minster of Finance’s Position on SACC Report and ANN7 News Report (30.05.2017)

Breaking News: Competition Commission reaches settlement with Citibank N.A. for colluding (20.02.2017)

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Today, the Competition Commission has filed with the Competition Tribunal, a settlement agreement reached with Citibank N.A. for being part of the forex trading cartel.

The Commission found that from at least 2007, Citibank N.A. and its competitors had a general agreement to collude on prices for bids, offers and bid-offer spreads for the spot trades in relation to currency trading involving US Dollar/Rand currency pair. Further, the Commission found that Citibank N.A. and its competitors manipulated the price of bids and offers through agreements to refrain from trading and creating fictitious bids and offers at particular times.

Citibank N.A. will pay an administrative penalty of R69 500 860 (Sixty Nine Million Five Hundred Thousand Eight Hundred and Sixty Rands). This figure does not exceed 10% of Citibank N.A.’s annual turnover in the Republic of South Africa. Citibank N.A. undertook to cooperate with the Commission and avail witnesses to assist the prosecution of the other banks that colluded in this matter.

On 15 February 2017, the Competition Commission referred a collusion case to the Competition Tribunal for prosecution against Bank of America Merrill Lynch International Limited, BNP Paribas, JP Morgan Chase & Co, JP Morgan Chase Bank N.A, Investec Ltd, Standard New York Securities Inc., HSBC Bank Plc, Standard Chartered Bank, Credit Suisse Group; Standard Bank of South Africa Ltd, Commerzbank AG; Australia and New Zealand Banking Group Limited, Nomura International Plc., Macquarie Bank Limited, Citibank N.A., ABSA Bank Limited (ABSA), Barclays Capital Inc, Barclays Bank plc (Respondents).

“This settlement was done to encourage speedy settlement and full disclosure to strengthen the evidence for prosecution of the other banks,” said the Commissioner, Tembinkosi Bonakele.

Ends.

For more information or for media enquiries, please contact:
Sipho Ngwema, Head of Communications
012 394 3493/ 078 048 1213/ SiphoN@compcom.co.za

Black First Land First march to the South African Reserve Bank (19.02.2017)

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Public Protector’s preliminary report found that ABSA illegally benefited from apartheid cash injections from the South African Reserve Bank.

JOHANNESBURG, South Africa, February 19, 2017 – On Friday, the Black First Land First (BLF) movement marched to the South African Reserve Bank (SARB) (APO.af/JsJaEi) to demand that the institution act on the Public Protector’s preliminary report which found that ABSA illegally benefited from apartheid cash injections from the SARB.

BLF joined the ANC Youth League (ANCYL) recently in a march to ABSA headquarters (APO.af/Y21xVq) to demand that #ABSAmustPay. The Public Protector, Adv Busisiwe Mkhwebane, found that ABSA should pay R3.2 billion.

BLF said they wanted the SARB to take seriously and act on findings of the CIEX report, which investigated money stolen during the late stages of institutionalised apartheid. The report found that R26 billion could be immediately recoverable.

The aim of the march was to also implore the SARB to punish corrupt banks, ABSA, Standard Bank and Investec, which the Competition Commission found (APO.af/VsZ1A9) had manipulated and fixed the rand/dollar price.

South Africa National Treasury statement on Competition Commission finding on the Banks (16.02.2017)

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