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Absa let off collusion fine as it helped regulators - source

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Absa. (Duncan Alfreds, Fin24)
Absa. (Duncan Alfreds, Fin24)

Johannesburg - Citigroup and Barclays (which owns Absa) won’t be targeted for fines by the Competition Commission for colluding to manipulate the value of the rand because they co-operated with regulators, three people familiar with the matter said.

While they may not yet have full indemnity, their disclosures to the Competition Commission could save them from being penalised if the information they provided is proven correct, the people said, asking not to be identified because the matter is still confidential. The two banks have been working with the commission from an early stage, they said.

Citigroup and Barclays were named as part of the rand-rigging probe that started in 2015. The Competition Commission on Wednesday didn’t name Citigroup and didn’t add Barclays to the list of banks it recommended for fines.

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