More banks probed for rand manipulation

File: At least 17 banks were allegedly involved in price-fixing and market allocation in the trading of foreign currency involving the rand. Photo: Pixabay / stevebp

JOHANNESBURG - The Competition Commission has added at least five more banks to its ongoing foreign exchange rate manipulation investigation.

Investec Bank, HSBC USA, Merrill Lynch and Credit Suisse Securities are among those added to the list in a supplementary affidavit presented to the Competition Tribunal last week.

The document alleges the banks were involved in fixing foreign exchange bids in September 2007.

READ: More troubles for KPMG

The Commission said the additions will not prejudice existing parties.

At least 17 banks were allegedly involved in price-fixing and market allocation in the trading of foreign currency involving the rand.

Locally, Absa, Standard Bank and Barclays are implicated. 

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