Commission yet to speak to banks on probe

THE COMPETITION Commission, which said last week it was investigating 11 companies for allegedly fixing rand prices, has not yet spoken with the banks it named as part of the probe. “We don’t have to be in touch” with the banks, Mava Scott, a spokesman for the commission, said yesterday. “We are under no obligation. Right now we are gathering evidence. Once we come to the conclusion that someone has a case to answer and we have enough to prosecute, then we will go and speak with them.” The commission said on May 19 it was investigating 11 firms, including local banks Standard Bank, Barclays Africa and Investec for alleged collusion. Finance Minister Nhlanhla Nene said on May 22 he was “very concerned” by the allegations and wanted to understand the impact on the country’s financial system. Barclays Africa has dropped 2.1 percent at the JSE since the probe was announced, while Standard Bank is down 1.3 percent. Investec has advanced 3.8 percent. – Bloomberg