South Africa’s competition watchdog on Wednesday announced a settlement agreement with British bank Standard Chartered concerning allegations of collusion with other lenders to manipulate the rand.
The Competition Commission reported that Standard Chartered (SCB) acknowledged its liability in the matter and consented to pay a fine of nearly 43 million rand ($2.3 million).
“The Commission welcomes SCB’s decision to reach a settlement on this matter and encourages other respondent banks to consider settling the complaint against them,” said Commissioner Doris Tshepe.
SCB is among 28 banks that the watchdog has accused of participating in a scheme to manipulate the rand-US dollar exchange rate during the period spanning from 2007 to 2013.
According to the commission, traders at the banks used instant messaging platforms to coordinate bids and offers, engaging in actions that violated competition regulations.
The settlement follows a prior 2017 agreement with Citibank regarding liability for the same allegations.
This development coincides with the ongoing proceedings involving numerous local and international banks, which are being heard by South Africa’s Competition Appeal Court.
