Competition Appeals Court deals blow to South African rand manipulation case

Competition Appeals Court deals blow to South African rand manipulation case

The South African Competition Commission’s rand-rigging case has been dealt a massive blow, as the Competition Appeals Court dismissed 23 of the 28 implicated commercial banks, saying the commission lacked enough evidence to support its claim of a conspiracy to manipulate the rand-dollar exchange rates between 2007 and 2013. However, Investec, JPMorgan Chase, HSBC, BNP Paribas, and Credit Suisse still face potential prosecution. Separately, Moneyweb reports that Standard Bank has […]

January 9, 2024 11

Africa

Navigating the transition: African banks take over after international lenders exit

By Conrad Onyango, via bird story agency Local financial companies are capitalising on the opportunities left by international banks exiting Africa yet continue to struggle with the gap between perceived and actual risks in the market. In early 2022, UK-headquartered Standard Chartered Bank announced it was exiting five African countries and partially exiting two others - breaking its ‘here for good’ brand promise after more than a century on the […]

November 20, 2023 5