Join Moneyweb for a post-budget webinar with Dr Adrian Saville, Dr Iraj Abedian, Sizakele Marutlulle and Dr Azar Jammine for further insights on Wednesday, 28 October at 15h30.

Standard Chartered pleads guilty to rand manipulation

CompComp hopes development will boost its case in SA.

The Competition Commission of South Africa says it has noted a consent agreement between Standard Chartered Bank and the New York State Department of Financial Services where Standard Chartered pleaded guilty to manipulation of currencies including the South African rand between 2007 and 2013. 

Read: CompCom gets upper hand in forex rigging case

As part of the agreement, the bank will have to pay a fine of about R536 million and take remedial action  against employees involved. 

Sipho Ngwema, head of communications at the Competition Commission of South Africa, says they hope that this development will encourage other banks to cooperate. 

COMMENTS   1

You must be signed in to comment.

SIGN IN SIGN UP

Yarwell no fine – So far ABSA and Citibank also (the whistle blowers) admitted and paid a fine. Stanchart now also owned up..

Investec – methinks the ”Holier than Thou” – we don’t care about you Bank – is one of the few local Banks that plays the ANC game – deny, deny, deny!

I hope Investec start ”towing the line” now that I read that 7 ”Bosasa” cash recipients were arrested by the Hawks…My strong view is that Investec’s General Manager in charge of Treasury , Treasurer and dealers involved should also eventually be arrested — fixing the Rand is serious fraud as Companies and people suffer due to their graft!

End of comments.

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR

Podcasts

NEWSLETTERS WEB APP SHOP PORTFOLIO TOOL TRENDING CPD HUB

Follow us:

Search Articles:Advanced Search
Click a Company: