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South African watchdog tells forex-rigging experience likely to start in 2019

South African watchdog tells forex-rigging experience likely to start in 2019. CAPE TOWN, April 25 (Reuters) – court of law proceedings against 18 banks accused of rigging the rand currency are likely to begain early following year, as claimants necessity time to prepare the complex case, the head of cartels at South Africa’s Competition Commission told on Wednesday.
“Our status against the banks Information Systems very powerful & we need to bargain with all these technicalities very the matter could go on trial, maybe with the 2nd quarter of following year,” Makgale Mohlala said.
Competition authorities going to 1st hold a series of “exception hearings” to argue the possible exclusion of banks on technical grounds.
South Africa told final August which it would no longer offer deals to banks cooperating with investigations into the alleged currency rigging, a blow to some lenders which had discreetly approached the watchdog for a settlement.
(Reporting with Wendell Roelf Editing with Catherine Evans)

UPDATE 1-South African watchdog tells forex-rigging experience likely to start in 2019

The commission concluded an probe final February into whether native & foreign banks colluded to coordinate their trading activities the time giving quotes to customers that were buying or selling currencies.
Competition authorities going to 1st hold a series of “exception hearings” to argue the possible exclusion of banks on technical grounds at the finish of July.
The experience going to get under method after Researchers & the banks hand over relevant documents & the accused get in their pleas in response to the charges, Mohlala said.
Mohlala was speaking outside a hearing with the Competition appeal Court, which reserved judgment after level Bank challenged a tribunal decision which the bank wasn’t yet entitled to access specifics of the commission’s investigation.
The regulator has recommended fines amounting to ten % of the further than a dozen native & foreign banks’ South African revenues in a scandal which has piled political Stress on native lenders.

 

South African watchdog
South African watchdog

 

CompCom tells forex-rigging experience likely to start in 2019

According to The commission concluded an probe final February into whether native & foreign banks colluded to coordinate their trading activities the time giving quotes to customers that were buying or selling currencies.
Competition authorities going to 1st hold a series of “exception hearings” to argue the possible exclusion of banks on technical grounds at the finish of July.

 

 

Collected by :kiven Dixter

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