The Competition Commission in South Africa said it has noted an agreement between Standard Chartered Bank and the New York State Department of Financial Services where Standard Chartered pleaded guilty to currency manipulation.
The Competition Commission said in a statement: “The Competition Commission has noted a consent agreement, which subsequently became a court order, between Standard Chartered Bank and New York State Department of Financial Services. In the consent order, Standard Chartered pleaded guilty to currency manipulation which included the South Africa Rand (ZAR) between 2007 and 2013. This is captured on pages 9 and 10 of the court order.”
The Commission said it would consider the impact of the order on the ongoing forex litigation with the banks in South Africa.
The statement continued: “In February 2017 the Commission referred to the Tribunal for prosecution a collusion case against Bank of America Merrill Lynch International Limited, BNP Paribas, JP
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