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Rand manipulation: After fund manager's $20m Ramaphosa bet flopped.

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The South African co-founder of a UK hedge fund is alleged to conspired to manipulate the rand-dollar exchange rate after his bet that Cyril Ramaphosa's 2017 election as ANC leader would galvanise the rand failed to pan out as he had hoped.
US federal prosecutors this week unsealed a 26-page indictment charging Neil Phillips, the co-founder of Glen Point Capital, with conspiracy to commit commodities fraud, conspiracy to commit wire fraud, commodities fraud and wire fraud.
Phillips has been charged with conspiracy to manipulate the rand-dollar exchange rate to trigger a $20 million (R346 million, at current exchange rates) payout fraudulently. The indictment was made public after the 52-year-old was arrested in Spain at the request of US authorities.

5 Sep 2022 5AM English South Africa Business News · Investing

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