Leader of the Economic Freedom Fighters (EFF) Julius Malema has weighed in on the issue of 18 local and international banks implicated by the Competition Commission in allegations of collusion.
The Commission found that from at least 2007, the implicated banks had a general agreement to collude on prices for bids, offers and bid-offer spreads for the spot trades in relation to currency trading involving US dollar/rand currency pair.
The commission also found that the banks manipulated the price of bids and offers through agreements to refrain from trading and creating fictitious bids and offers at particular times.
For Malema, this said collusion was informed by “white masculinity” and therefore “must be crushed”, adding “all the banks are the same.”
“White masculinity is what informs behavioral patterns of the South African banking sector, and it must be crushed. All the banks r the same,” said the EFF leader.
White masculinity is what informs behavioral patterns of the South African banking sector and it must be crushed. All the #banks r the same.
— Julius Sello Malema (@Julius_S_Malema) February 20, 2017
Meanwhile, Citibank became the first in the 18 implicated banks to reach a R69.5 million settlement with the commission, on Monday.
The settlement is estimated at 10% of Citibank’s annual turnover in the country.
According to a statement released by the Competition Commission, “Citibank N.A. will pay an administrative penalty of R69 500 860 (Sixty Nine Million Five Hundred Thousand Eight Hundred and Sixty Rands). This figure does not exceed 10% of Citibank N.A.’s annual turnover in the Republic of South Africa. Citibank N.A. undertook to cooperate with the Commission and avail witnesses to assist the prosecution of the other banks that colluded in this matter”.
Commissioner Tembinkosi Bonakele said: “This settlement was done to encourage speedy settlement and full disclosure to strengthen the evidence for prosecution of the other banks.”