If you had to summarise in colloquial terms the Competition Tribunal’s finding on Wednesday, 12 June 2019 on the Competition Commission’s four-year-old case against more than 20 banks on charges of currency manipulation, it would be this: “Please, for heaven’s sake, get your act together.”
So, the tribunal has ordered the commission to redraft its referral in 40 days. That in itself is going to be interesting. Then the tribunal has required the commission to “confine its case against the respondent banks to one of a single over-arching conspiracy, providing more detail on such a conspiracy, and limiting the relief sought against those respondent banks without a presence in South Africa to a declaratory order”.
But if that was so, it must have got a shock when all the banks, bar one, decided they intended to fight the case. Two others, including Absa, later pleaded for leniency and will probably get it.
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