A court has dismissed currency manipulation charges against a host of South African and international banks, some seven years after the Competition Commission claimed the existence of a conspiracy to fix the rand-dollar exchange rate. In a new ruling, the Competition Appeals Court (CAC) dismissed charges against most of the 28 banks and financial institutions implicated in the commission's long-running probe. The appeals court found that the commission did not have jurisdiction to try to prosecute some of the international banks. At other times, it had incorrectly tried to prosecute holding companies that were uninvolved in the alleged trades.

Source: News 24 January 09, 2024 03:11 UTC