Collusion case strengthens Zuma's hand in battle with banks

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President Jacob Zuma (Pic: Gallo Images)
President Jacob Zuma (Pic: Gallo Images)

Cape Town - A finding by the Competition Commission that more than a dozen local and international banks colluded to rig foreign-currency trades will bolster government accusations that the nation’s biggest lenders are monopolising the financial system and failing to address racial inequality.

The Competition Commission on Wednesday said banks including Investec, Standard Bank, Bank of America Merrill Lynch, and JPMorgan participated in price fixing and market allocation.

It referred the case to the Competition Tribunal, asking it to declare that the banks contravened the Competition Act and rule that some of them pay fines of 10% of their annual revenue.

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