Nedbank denies claims of rand manipulation

DUE to the cryptic nature of the allegations made against Nedbank, in relation to the bank being part of a conspiracy to manipulate the rand, the bank has no case to answer as there is not a shred of evidence regarding any wrongdoing against it.

- ZELDA VENTER

This is according to Advocate Anthony Gotz SC, who yesterday told the Constitutional Court that Nedbank should never have been added as a respondent in the Competition Commission's referral of the matter to the tribunal.

This argument follows the Competition Commission's appeal following last year's judgment in which the Competition Appeal Court (CAC) cleared 13 banks — including Nedbank — from facing the music in a later trial regarding the rand/US dollar manipulation saga.

Advocate Tembeka Ngcukaitobi, acting on behalf of the Competition Commission, on Monday told the Constitutional Court that there is enough evidence to establish a prima facie case that they were involved in the manipulation of the rand.