Cape Town – The Competition Commission has told South Africa’s Constitutional Court that there is evidence several banks colluded to manipulate the rand between 2007 and 2013.
The case involves 28 local and international banks, with Citibank and Standard Chartered having already admitted guilt and paid fines.
Thirteen banks, including JP Morgan, HSBC, FirstRand, Nedbank, Standard Bank, and Bank of America, remain under appeal.
Advocate Tembeka Ngcukaitobi, representing the commission, argued that the Competition Appeal Court (CAC) wrongly claimed there was insufficient evidence and that foreign banks were outside its jurisdiction.
[WATCH] Adv. Tembeka Ngcukaitobi SC calls the ‘Rand manipulation’ case a classic example of the evolution of cartels. He is representing the Competition Commission in the Constitutional Court case relating to the alleged rigging of the currency by major banks.#Newzroom405 pic.twitter.com/RXIbYiIRvt
— Newzroom Afrika (@Newzroom405) August 19, 2025
He described the case as a sophisticated, transnational cartel that targeted South Africa’s currency, calling it unique due to its direct attack on national sovereignty.
“Not only do the cartels not respect territorial borders or nationalities, they also do not respect any product in pursuit of profits.
“The courts would have read many cases of cartels… people are fixing the price of the selling of oranges or the selling of bananas. There are many judgments like that in the European Court of Justice,” Ngcukaitobi said.
[WATCH] While some banks accused of rand manipulation have reached settlement deals, the likes of FirstRand and Standard Bank say the Competition Commission hasn’t proven its allegations. Independent banking analyst Nolwandle Mthombeni speaks to @tumisangndlovu .#Newzroom405 pic.twitter.com/0P66PCXb0X
— Newzroom Afrika (@Newzroom405) August 19, 2025
The commission seeks Constitutional Court approval to recognise a single overarching conspiracy and to align South Africa’s legal action with international rulings, where some traders involved have already been convicted.
The hearing is set to continue over four days as the commission pursues its leave-to-appeal application.
Follow African Insider on Facebook, X and Instagram
Picture: Pixabay
Compiled by Betha Madhomu
