Standard Bank’s request to access Competition Commission records denied

Johannesburg – The Competition Tribunal said it will not give the copy of the records to Standard Bank. These records are the results of an investigation that was conducted by the Competition Commissioner because of the alleged rand dollar currency manipulation by banks.
Standard Bank has asked the Tribunal to give them access to the records of the results from the Competition Commission.
The Competition Commission first announced that they will conduct an investigation and refer the 14 banks that are accused of collusion to fix the price of the rand to the Competition Tribunal, so that it will issue a judgement based on the results.
But this case has been dragging then.
On the 18th of September it was ruled that Standard Bank that will not receive the results. This ruling was made by the Competition Tribunal.
The commission which conducted the investigations based on the allegations of unfair practice, has refused to release its findings of its forex investigation earlier this year, when Standard Bank asked for the findings.
On the statement released by the Tribunal said, “On the facts of the present Forex case, given the length of the record, the extent of confidential information in it, and the burden it would place on the Commission in preparing it, a reasonable time for production would be at the same time as discovery is made in the Forex case.”

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