IN CONVERSATION WITH INNOCENT MOLOI
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South Africa’s Constitutional Court has ruled that the Competition Commission may proceed with its long-running foreign exchange forex rand-rigging case against six international banks, paving the way for the allegations to be heard on their merits by the Competition Tribunal.
The case, first referred to the Competition Tribunal in 2017, centres on allegations that traders at major banks colluded to manipulate the US dollar-South African rand exchange rate between 2007 and 2013. According to the Competition Commission, traders coordinated their activities through private online chatrooms to influence the currency market, potentially affecting exchange rates and harming competition.
In a judgment delivered by Justice Owen Rogers, the Constitutional Court confirmed that the Competition Commission can proceed with its case against JPMorgan Chase & Co, JPMorgan Chase Bank, BNP Paribas, HSBC Bank Plc, Investec, and Standard Americas Incorporated.
The ruling preserves one of South Africa’s largest competition law cases after years of legal challenges over whether the Commission had properly referred the matter. The decision does not determine whether the banks are guilty of wrongdoing but allows the allegations to be tested before the Competition Tribunal.
The case, first referred to the Competition Tribunal in 2017, centres on allegations that traders at major banks colluded to manipulate the US dollar-South African rand exchange rate between 2007 and 2013. According to the Competition Commission, traders coordinated their activities through private online chatrooms to influence the currency market, potentially affecting exchange rates and harming competition.
In a judgment delivered by Justice Owen Rogers, the Constitutional Court confirmed that the Competition Commission can proceed with its case against JPMorgan Chase & Co, JPMorgan Chase Bank, BNP Paribas, HSBC Bank Plc, Investec, and Standard Americas Incorporated.
The ruling preserves one of South Africa’s largest competition law cases after years of legal challenges over whether the Commission had properly referred the matter. The decision does not determine whether the banks are guilty of wrongdoing but allows the allegations to be tested before the Competition Tribunal.
