The long-running case between the Competition Commission and 23 local and international banks over foreign exchange manipulation has hit another hurdle as a number of the foreign banks have appealed a recent ruling from the South African Competition Tribunal. They are taking issue with the tribunal’s view of its jurisdictional powers.
As part of its order, the tribunal instructed the commission to go back and reformulate its case against the banks within 40 days. The tribunal took time to outline why it was important for it to do so in its reasons for the decision: “Such a declaratory order is important to make in cartel enforcement because whilst the tribunal may lack enforcement jurisdiction, it is still a matter of public interest, in fighting the scourge of cartels, to pronounce upon the conduct of foreign firms whose conduct has harmed South African consumers,” it said.
A number of the foreign banks, however, disagree. In papers submitted to the Competition Appeal Court, ANZ argued that if the tribunal’s decision and order remain in place, it will expose ANZ to “a potential declaration of unlawfulness” and such a finding would “obviously have a materially disadvantageous impact on the bank’s reputation in other jurisdictions”.
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