Commission studying Appeal Court judgment for next course of action
The Competition Commission is studying the Competition Appeal Court (CAC) judgment, handed down on January 8, and is consulting its legal team before deciding on the next course of action.
The CAC upheld the appeals of 19 respondent banks against the decision of the Competition Tribunal on March 30, 2023, which ordered 23 respondent banks to file answers to allegations of price-fixing and division of markets.
The CAC, however, dismissed the appeals of four of the respondent banks and ordered them to file their answering affidavits in response, the commission says.
The commission in 2015 launched an investigation into whether various financial entities had agreements on concerted practices to manipulate prices related to certain foreign currency pairs tied to the South African rand.
The commission amended the complaint in 2016 and added further financial institutions and included allegations of market allocation through customer allocation.
The anticompetitive practices are alleged to have taken place between September 2007 and at least September 2013.
The CAC dismissed the appeals, reviews and dismissal applications by BNP Paribas, JP Morgan Chase Bank, Credit Suisse Securities and HSBC Bank and ordered these banks to file answering affidavits with the Competition Tribunal within 40 days.
Investec and Investec Bank did not appeal the tribunal judgment, which ordered them to file their answering affidavit, the commission says.
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