03 Sep 2022

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Rand manipulation: After fund manager's $20m Ramaphosa bet flopped, he allegedly turned to fraud

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Jan Cronje
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US authorities say Neil Phillips needed the rand to strengthen against the dollar.
US authorities say Neil Phillips needed the rand to strengthen against the dollar.
Getty Images

The South African co-founder of a UK hedge fund is alleged to conspired to manipulate the rand-dollar exchange rate after his bet that Cyril Ramaphosa's 2017 election as ANC leader would galvanise the rand failed to pan out as he had hoped. 

US federal prosecutors this week unsealed a 26-page indictment charging Neil Phillips, the co-founder of Glen Point Capital, with conspiracy to commit commodities fraud, conspiracy to commit wire fraud, commodities fraud and wire fraud. 

READ | London hedge fund founder arrested, charged for manipulating the rand

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cyril ramaphosarand
Rand - Dollar
17.77
-1.2%
Rand - Pound
21.48
-1.5%
Rand - Euro
19.06
-1.1%
Rand - Aus dollar
12.32
-0.8%
Rand - Yen
0.14
-1.0%
Platinum
976.79
-1.0%
Palladium
1,651.27
-0.1%
Gold
1,875.40
+0.1%
Silver
22.40
+1.0%
Brent Crude
83.69
+3.2%
Top 40
73,968
+0.7%
All Share
79,976
+0.6%
Resource 10
74,722
+0.2%
Industrial 25
103,851
+1.2%
Financial 15
16,339
+0.0%
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