Lerato Mbhiza
THE Competition Appeals Court has dismissed the Competition Commission’s rand manipulation case against major South African and foreign banks for colluding and conspiring to manipulate the rand to their own benefit.
The court ruled in favour of South African lenders including Standard Bank Group Ltd, Nedbank Group Ltd, and FirstRand Ltd, and most of the foreign banks who faced the accusations, the Johannesburg-based newspaper reported on Tuesday.
That leaves JPMorgan Chase & Co, BNP Paribas SA, HSBC Holdings Plc, Credit Suisse Group AG and Investec Plc to face trial, according to the report.
The court criticized the case brought by the Competition Commission, saying it was inadequate and lacked evidence, according to the report. It made no order on costs.
The currency-manipulation saga began in May 2015, when the commission alleged that banks colluded to rig the value of the rand against the dollar. The inquiry followed a
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