South Africa

Competition Commission welcomes decision not to dismiss banks' forex rigging case

Competition Commission welcomes decision not to dismiss banks' forex rigging case

Port Elizabeth - The Competition Commission has welcomed the Competition Tribunal's decision to reject an application by the banks to dismiss its case against them for alleged forex-rigging. 

"The commission is happy that the Competition Tribunal has released the long-awaited decision with regards to the legal technical challenges of the banks in the currency manipulation matter. 

"This important step takes us closer to the banks to respond and attend to the merits of the case," the commission said in a statement on Wednesday.

"The commission is pleased to note that the tribunal rejected the applications of the banks that the matter be dismissed."

The Competition Commission took the matter to the Competition Tribunal in February 2017, calling for prosecution of the banks, including three big banks in South Africa, media reports said.

"Considering that this is quite a lengthy judgment, we are currently studying it and will respond in full once we have applied our mind to the contents."