South African Competition Commission Appeals Dismissal of Currency Manipulation Charges

The South African Competition Commission seeks leave to appeal the judgment of the Competition Appeal Court, which dismissed currency manipulation charges against numerous local and international banks. The court had rejected the commission’s case against 23 out of 28 banks accused of manipulating the rand-dollar exchange rate between 2007 and 2013. The appeal application targets 13 banks, including Standard Bank and Bank of America, according to commission spokesperson Siyabulela Makunga.