The Competition authorities recently uncovered an online chatroom “ZAR Domination” used by forex traders which and believe the abuse could lead to record fines, surpassing R1.5bn levied on the Construction industry.But it’s no sure thing, though, after the Competitions Commission’s reputation took a knock last week when the courts overturned the R534m fine it levied on oil-from-coal producer Sasol.
Some businesses feel the Competition Commission’s interpretation of what qualifies as anti-competitive behavior is too strict, Nedbank Group Ltd.’s Chief Economist Dennis Dykes said in a phone interview. “There has been a bit of a feeling that some of that money should maybe flow back to the victims of the higher prices.” And not everything has gone the way of Bonakele or the Commission. by the Tribunal for alleged overpricing in the polymer industry was overturned on appeal on June 17.
Apartheid Cartels “Regrettably, the evidence of the commission again reflected a level of analysis which could not possibly be plausibly advanced by an expert in the field,” Judge Dennis Davis wrote in part of his ruling.
Aided by the law, you should be able to bring justice.
We’ve had many high-stakes games here.” The 11 subjects in the rand-rigging case are JPMorgan, JPMorgan South Africa, Citigroup, Citigroup Global Markets (Pty) Ltd., BNP Paribas SA, BNP Paribas South Africa, Barclays Bank Plc, Barclays Africa Group Ltd., Investec Ltd., Standard New York Securities Inc. The banks have either declined to comment on the probe or said they will cooperate with the investigation.
“It was a bit embarrassing for the DTI,” says Bonakele, referring to the Department of Trade and Industry, which commissioned the building.
The probe into collusion among builders resulted in a combined 1.5 billion rand (3 million) penalty — the authority’s largest — for 15 South African construction companies in 2013, including Murray & Roberts Holdings Ltd. Since its inception in 1998, the Commission has also extracted financial penalties from steelmaker Arcelor Mittal South Africa Ltd. Those successes have helped establish the reputation of an organization now taking on some of the world’s biggest banks in a currency rigging probe that Bonakele announced May 19.Chatroom Collusion Traders used an online chatroom called “ZAR domination,” its name inspired by the rand’s international code, to collude at a cost to bulk buyers of the currency, Bonakele says.The investigation follows global scrutiny of misconduct in foreign exchange markets. The scale of his inquiry and the size and resources of the targeted organizations aren’t daunting, Bonakele says.*Please note this doesn't currently work on a smartphone.* Start a live chat now.We also have a dedicated customer service twitter account that operates - , 7 days a week, to help handle your queries & provide up to date incident information. If you'd rather ring us directly, then you can reach us on the following numbers: Customer Helpline - 0345 1 24 24 24 You can also get in touch with us through the form below.Eleven banks were named, mainly foreign owned operations but including three of SA’s Big Five – Standard Bank, Barclays Africa and Investec.