Standard Bank South Africa engage Competition Commission over collusion

The Standard Bank South Africa said Thursday they are engaging the country’s Competition Commission about their collusion case over the rand price fixing scandal.

Standard BankStandard BankStandard Bank is one of the 17 banks that were referred to the Competition Tribunal two weeks ago by the commission for prosecution of colluding to fix the price of the rand.

Ben Kruger, Standard Bank Group Chief Executive, said they viewed the allegations seriously. He said they are engaging the Competition Commission to better understand the basis for the complaints and the appropriate response.

He said the bank remains committed complying with the law. In April, 2016 the Competition Commission said they had lodged a complaint against Standard New York Securities and 21 others. On February 15 this year, Standard Bank South Africa was mentioned in the collusion case for the first time.

He said the case did not broadly relate to the conduct of the bank. The banks were given 20 days to respond to the allegations. They risk a fine of about 10 percent of their yearly turnover. Enditem

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Source: Ndumiso Mlilo, Xinhua/

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