Standard Bank accused of ‘frustrating justice’ in Rand manipulation case

STANDARD Bank, identified as the most aggressive litigant in alleged currency manipulation case, has been accused of frustrating the administration of justice.

- ZELDA VENTER

This emerged yesterday when the Competition Commission continued with its Constitutional Court case challenging the judgment of the Competition Appeal Court (CAC) issued last year, in which it found that the majority of the banks do not have to face a trial on the merits of the allegations.

Local banks which form part of the appeal as respondents, together with various international banks, are Standard Bank, FirstRand Bank and Nedbank.

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.