The Competition Commission is currently examining the recent judgment from the Competition Appeals Court, issued on Monday, which overturns the decision of the Competition Tribunal.
The Tribunal had directed all implicated banks to respond to charges of manipulating the rand/dollar exchange rate. The case has faced setbacks, with all South African banks, except for Investec Bank, seeing the dismissal of their appeals.
The Competition Commission views this development as a setback, potentially marking the conclusion of the high-profile rand manipulation case. However, Makwe Masilela from Makwe Fund Managers raises questions about the banks that admitted guilt, paid fines, and the implications for them. Standard Chartered settled the case late last year by agreeing to pay a fine of nearly R43 million.
Masilela pondered whether banks that cooperated with the Commission and admitted guilt have already provided the promised evidence. He suggests uncertainty about whether the evidence of cooperation was intended for use by the Commission as the case progressed.
While some local banks are content with the appeals court decision, Standard Bank asserts its commitment to the rule of law, respect for institutional roles, and upholding South Africa’s Constitutional democracy. The bank emphasizes ongoing support for regulatory efforts, including those of the Competition Commission.
In response to the judgment, the Competition Commission remains in the process of studying it, and spokesperson Siya Makunga states, “The Commission is still studying the judgement and will in due course communicate its next course of action.”