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S.Africa anti-trust watchdog says Citi settlement to aid prosecutions in FX probe
February 21, 2017 / 9:10 AM / 7 months ago

S.Africa anti-trust watchdog says Citi settlement to aid prosecutions in FX probe

CAPE TOWN, Feb 21 (Reuters) - South Africa’s competition watchdog said on Tuesday it would be seeking maximum penalties against other local and foreign banks alleged to be involved in colluding to fix the rand currency.

The head of Competition Commission said that although the settlement of 69.5 million rand ($5 million) it had agreed with the local arm of Citigroup was “low”, it had made the compromise as part of a bigger prosecution case. ($1 = 13.1276 rand) (Reporting by Wendell Roelf; Writing by Mfuneko Toyana; Editing by James Macharia)

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