South Africa’s ANC Wants Banks Prosecuted Over Rand Manipulation
- StanChart agreed settlement after probe by antitrust authority
- Citigroup was the first bank to settle over collusion in 2017
Rand banknotes.
Photographer: Waldo Swiegers/BloombergThis article is for subscribers only.
South Africa’s ruling African National Congress said commercial lenders found to have manipulated the nation’s currency should be charged with economic sabotage.
Standard Chartered Plc admitted this week to manipulating currency trading in South Africa and agreed to pay a penalty of 42.7 million rand ($2.3 million). The agreement settled an eight-year probe by the Competition Commission into the bank’s participation in an alleged cartel to manipulate the value of the rand.