ANCWL rejects Citibank settlement

21 February 2017

Johannesburg – The ANC Women’s League has called on the Competition Commission to cancel a settlement it reached with Citibank over the financial institution’s participation in collusion.

It described the development as disappointing and said it would appeal to President Jacob Zuma to establish a commission of inquiry into banks operating in South Africa.

"The ANCWL rejects this slap on the wrist to banks that are not having the interest of South Africa and its citizens at heart," it said.

The Competition Commission announced that Citibank had agreed to pay a settlement of R69 500 860 on Monday, which was filed with the Competition Tribunal.

Citibank agreed to pay an administrative penalty of R69.5m for being part of the forex trading cartel. It also offered to co-operate with the commission and produce witnesses to assist the prosecution of other banks that were involved in the collusion.

'Tip of the iceberg'

"The ANCWL rejects this slap on the wrist to banks that are not having the interests of South Africa and its citizens at heart. They are motivated by greed, bloodsucking and parasitic attitude to maximise

The Women’s League said it would not accept a penalty unless it included a 100% penalty of the commission earned by the banks through the collusion, revoking of banking licences of all banks implicated, and criminal charges instituted against the boards of banks implicated.

"The ANCWL believes findings of the competition commission on the banks are the tip of the iceberg."

It also said the latest revelation was proof that the financial sector was not as ethical and of the "high moral standard" as some lawmakers thought.

The league also called for the financial sector in the country to be demonopolised, while affirming calls previously made by ANC structures, including the Youth League, for the government to establish a state bank.

This article first appeared on News24, see here.