South Africa FX-Rigging Case Against 20 Banks Dealt Setback
- Most banks complained the case was vague and contradictory
- Investigators need to show rand trades impacted the country
This article is for subscribers only.
South Africa’s Competition Tribunal ordered antitrust investigators to clarify charges of currency manipulation against more than 20 banks, drawing out a four-year legal battle.
The Tribunal, which oversees antitrust cases, found deficiencies in referrals prepared by the Competition Commission and gave the body 40 days to redraft its accusations, according to a statement on Wednesday. However, it also rejected attempts by banks to dismiss the case.