Standard Chartered will provide evidence against other banks implicated in manipulating the rand exchange rate, as part of a settlement with competition authorities to avoid further prosecution beyond the R42.7 million administrative penalty it agreed to pay for its role in the forex rigging saga. The settlement ends eight years of litigation between the British multinational bank and South African competition authorities, though it may have serious implications for other lenders charged with being part of an overarching conspiracy to manipulate the rand. The settlement was confirmed as an order of the Competition Tribunal following a hearing on Wednesday afternoon during which the authority sought clarity on various clauses contained in the agreement with Standard Chartered.

Source: News 24 November 16, 2023 07:37 UTC