JOHANNESBURG - The Competition Appeals Court has dismissed the Competition Commission's charges against 24 banks it wanted to prosecute for alleged currency manipulation.
The Appeals Court found sufficient facts existed to only take four international banks to court.
The Commission had wanted to prosecute 28 banks for a conspiracy to rig the rand between 1007 and 2013.
Only Investec and a handful of international banks remain in the crosshairs.
David Shapiro, Sasfin Securities global equities strategist, discussed this with eNCA.
Currency manipulation Setback for Competition Commission 3