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PAC: Banks should be punished for their gangsterism tendency

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PAC: Banks should be punished for their gangsterism tendency

16th February 2017


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PAC welcomes the report by the Competition Commission. We further call on politicians to depoliticise this matter to give Tribunal an opportunity to deal with this gangsters in a fair but aggressive fashion. Tribunal must set a highly memorable example by penalising these gangsters in a way they never expected.

We have noted he investigation outcome from the Competition Commission (CC) which found that major banks which have monopolised the banking sector have been involved in unethical practice through price-fixing.

By the very nature of ownership, this was obviously going to take place because they have monopolised many strategic economic sector while the government is doing absolutely nothing about our dire situation.

We would like to thank the CC and hoping that the Tribunal will take appropriate action to reprimand these gangsters, white collar criminals.

We would also like to highlight that it is not only banking sector which is acting unethically but also other sector. It is not a secret that the food industry is controlled by another big four which are Pick n Pay, Shoprite, Woolworths and Spar which are controlling 97% of what we eat and only 3% belongs to small outlets which are your Cambridge and other informal outlets in our townships.

Our so-called democratic government allows for these gangsters to steal from the poor South African, the only thing they are good at is to cry a foul play as if they are not the ones in government.



Issued by PAC

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