Banks lawyer up as collusion case gets day in court

07 June 2020 - 00:07 By HILARY JOFFE

The Competition Commission can expect to encounter strenuous objections and hordes of lawyers when it finally has its day in court in a case in which it accuses 28 local and foreign banks of colluding in rand-dollar foreign exchange trading between 2007 and 2013.

The commission this week announced that it has referred the now rather elderly case to the Competition Tribunal, filing a fresh charge sheet against the banks after the Competition Appeal Court earlier this year ordered that a new charge sheet be filed - and that the commission show that the alleged collusion to manipulate the exchange rate directly affected consumers and the South African economy...

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