NEWS & ANALYSIS

Currency-trading collusion: State-owned bank needed - ANCWL

Meokgo Matuba says govt must also stop doing business with the banks implicated

THE ANCWL STATEMENT ON COMPETITION COMMISSION'S DECISION ON CORRUPTION BY SOME BANKS

15 February 2017

The African National Congress Women's League (ANCWL) welcomes the decision taken by the Competition Commission to prosecute banks for corruption cases. The Commission has referred to a corruption case which as been given a glorified name of "collusion" to the Tribunal for prosecution.

The Commission has found that some greedy banks have been involved in corruption on prices for bids, offers and bid-offer spreads for the spot trades in relation to currency trading which involves US Dollar / Rand currency, dated back to as far back as year 2007. For over 10 years these un-transformed banks which at the most are headquartered in the land of the imperialists  have been manipulating the price for bids. In their typical capitalist bloodsucking character, the banks created fictitious bids and offers, distorting demand and supply in order to achieve their profit motives and maximum wealth for their shareholders by hook or crook. 

The ANCWL will monitor the developments on this case.  Whatever the outcome will be on the case, the ANCWL will continue calling the ANC led government to establish a State owned bank to serve the people of South Africa with pride and dignity. The ANC led government must stop doing business with the banks implicated on this orchestrated corrupt practice.

Statement issued by Meokgo Matuba, Secretary General of the ANCWL, 15 February 2017