Cape Town - The Banking Association of South Africa has called for action against any banks
found to have breached the law in their business.
Basa said on Thursday the competition authorities must investigate the conduct
of the banks implicated in collusion or price fixing of the currency.
The Competition Commission has referred the matter to the Competition Tribunal.
A total of 17 banks locally and internationally have been implicated in the
collusion scandal.
Basa said it would not stand in the way of the investigations conducted by the
competition authorities.
Managing Director for Basa Cas Coovadia said individual banks involved have to
answer to the authorities.
“The issue at hand is in process and this process must take its course and we
must await the outcome of the Competition Tribunal deliberations,” he said.
“If the tribunal finds any bank, or all relevant banks, wanting, the law must
take its course and each bank must abide by the outcome,” he said.
“However, we must recognise that this matter demonstrates the independence and
strength of regulatory authorities such as the Competition Commission in
promoting the efficiency, adaptability and development of the economy as well
as ensuring that consumers are offered competitive prices and product choices,”
said Coovadia.
Absa, Investec and Standard Bank are three of the local banks found to have
been involved in price fixing.
The competition authorities are also investigating international banks implicated
in the matter.
The ANC has called for strong action against the banks in question.
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