All nine banking companies which 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. Stock photo.No 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.
Ngcukaitobi added that it would also be convenient for all banks facing the same charge to be in the same room to avoid a multiplicity of actions. “In the absence of any case that is made out against Nedbank Group, it is justifiable for Nedbank Group to say, ‘What am I doing here?’ It is entitled to object to the joinder on the basis that no case has been made out,” Gotz said.