Johnathan Paoli
THE Standard Bank Group’s CEO, Sim Tshabalala, has insisted on the bank’s innocence regarding the Rand-US Dollar manipulation scandal that was exposed in 2017 and caused outrage in South Africa, saying their hands were clean.
This follows the Competition Commission’s findings that UK-based Standard Chartered Bank – one of more than two dozen institutions that are implicated – has admitted to fixing bids, offers, bid-offer spreads, the spot exchange rate, and the exchange rate, among other things, and further agreed to pay an administrative penalty of R42.7 million.
Tshabalala said that while it accepted the possibility of manipulation on behalf of certain parties within general transactions, it remained adamant on the fact that the bank played no role in the grand manipulation scheme.
The CEO said that the bank conducted its own internal investigations and proceeded to hand over all subsequent information they gathered in a bid to
You’ve reached your free article limit
Subscribe to enjoy unlimited access to trusted journalism. Cancel anytime.
Subscribe nowNeed help? molokom@insidepolitic.co.za
