All nine banking companies the Competition Commission seeks to join in a complaint about allegedly manipulating the rand-dollar exchange rate have refused to be joined in the case. Picture: 123RF/PHONGPHAN SUPPHAKANKAMJON
At the beginning of the hearings on Monday, counsel for the commission, Tembeka Ngcukaitobi SC, argued that the need to properly spend public funds called fornine banks accused of manipulating the rand-dollar exchange rate to be joined in a case against 23 other banks that had already been charged by the commission.
“There is no cause of action made out against either of the respondents. No prima facie case of action is made out against Nedbank Group. “By that fact alone it cannot be a participant in the act alleged by the applicants. It does not employ traders. On what basis does the commission say it must be cited as a respondent? Nedbank Group, at the very least, ought not to be joined in these proceedings,” Gotz said.
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Nine companies refuse to be joined in bank forex trading caseNo case has been made by the Competition Commission against either Nedbank Group Ltd or Nedbank Ltd in its complaint against various banks for allegedly colluding to fix prices and divide markets in respect of the rand–dollar exchange rate, said counsel for Nedbank Group Ltd and Nedbank Ltd.
Source: TimesLIVE - 🏆 28. / 59 Read more »
Nine companies refuse to be joined in bank forex trading caseNo case has been made by the Competition Commission against either Nedbank Group Ltd or Nedbank Ltd in its complaint against various banks for allegedly colluding to fix prices and divide markets in respect of the rand–dollar exchange rate, said counsel for Nedbank Group Ltd and Nedbank Ltd.
Source: TimesLIVE - 🏆 28. / 59 Read more »