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Banks accused of rigging rand could face tribunal in July - source
March 10, 2017 / 5:00 PM / 8 months ago

Banks accused of rigging rand could face tribunal in July - source

JOHANNESBURG, March 10 (Reuters) - Sixteen banks accused of colluding to rig South Africa’s rand currency could face a competition tribunal in July after a private pre-hearing was held on Friday, a source at the competition commission said.

Barclays and Citigroup previously approached South Africa’s competition regulators with information linked to the case and Citigroup was fined 69.5 million rand ($5.25 million) last month for its role.

Citigroup will face a separate hearing on March 22 when the agreed fine is expected to be ratified as a final settlement, although the tribunal could recommend changes, the source said.

The other banks named in the case were, Nomura, Standard Bank, Investec, JP Morgan, BNP Paribas, Credit Suisse Group, Commerzbank AG, Standard New York Securities Inc, Macquarie Bank , Bank of America Merrill Lynch (BAML), ANZ Banking Group Ltd and Standard Chartered Plc. ($1 = 13.2275 rand) (Reporting by Joe Brock; Editing by Elaine Hardcastle)

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