Johannesburg - The ANC Women's League has described the R69.5 million
administrative fine issued to Citibank by the Competition Commission as a
"slap on the wrist”.
The league has demanded that all banks implicated in the currency collusion scandal pay 100 percent of earned
commission from the illegal practice, that banking licences be revoked and
criminal charges instituted against boards and executives.
This comes after the competition commission reached a
settlement agreement with Citibank on Monday.
Read also: Citibank agrees to fine for rigging rand
President Jacob Zuma would also be called on to institute
a commission of inquiry to look into operations of all banks in the country,
according to league secretary general, Meokgo Matuba.
“The ANCWL calls for the Commission to cancel the
settlement with Citibank until thorough investigations through a
Commission of Inquiry is instituted to reveal all the criminal activities that
the banks have been involved in, which have compromised the economy of South
Africa. The ANCWL believes that the findings of Competition Commission on the
banks are a tip of an iceberg.”
In a statement on Tuesday, the league said it also wanted
the FICA bill scrapped as it “excluded bank officials and financial services
executives in the list of Prominent Influential Persons”.
Politics & Development Bureau
@ThetoThakane