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'RAND-FIXING': BANKS HAVE THEIR DAY IN COURT
Cape Times
|August 19, 2025
Apex court to hear implicated banks' legal arguments over four days
THE Competition Commission has hauled some of the country's top banks to the apex court over allegations that they conspired with each other to manipulate the foreign exchange rate in respect of the US Dollar and the Rand.
The commission turned to the Constitutional Court for leave to appeal the Competition Appeal Court (CAC) judgment handed down in January last year in which it upheld the appeal by the majority of the respondent banks accused of price-fixing.
The Constitutional Court is due to hear legal arguments over four days, starting today. In June 2020, the Commission had referred the case regarding the alleged rand fixing against 28 local and foreign banks to the Competition Tribunal.
The banks were ordered by the Tribunal in March 2023 to file their answering affidavits in response to the Commission's complaint referral, but objected to the Tribunal order and appealed it to the CAC.
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