A London-based bank has admitted to sabotaging our economy. The Competition Appeal Court (CAC) is currently hearing appeals by banks against the Competition Tribunal decision which ordered that banks answer to charges of cartel conduct which manipulated the value of the Rand.

Standard Chartered has admitted to its role in this conspiracy and has agreed to a settlement, but a mere settlement of R43 million is not sufficient for the harm our economy has experienced. We commend the Competition Commission for their investigation but demand that all the banks involved in this illegal conduct face criminal charges.

Our competition law regime criminalizes cartel conduct, which is the conduct that Standard Charter has admitted to. It is time for law enforcement agencies to act and bring these banks to justice. We call upon the relevant law enforcement agencies to enforce the law and pursue a criminal case against the individuals involved.

During this period, the ANC-led government was wrongly blamed for the depreciation of the Rand. Meanwhile, our economy was under attack through messaging platforms like Bloomberg and Reuters.

Real justice must be served for the people of South Africa. We urge all South Africans to stand with us and demand accountability for those banks that have damaged our economy.

 

Issued by The ANC