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The settlement agreement between the Competition Commission and Citibank N.A. relating to its involvement in the alleged forex trading cartel is to be heard by the Competition Tribunal on Wednesday, 22 May at the Competition Tribunal in Sunnyside, Pretoria. In terms of the agreement with the Competition Commission, Citibank has agreed to pay an administrative penalty of of R69 500 860 (Sixty Nine Million Five Hundred Thousand Eight Hundred and Sixty Rands) for its role in the forex cartel.
The Commission in its complaint says that from at least 2007, Citibank N.A. and its competitors (15 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 said its investigation found that Citibank N.A. and its competitors manipulated the price of bids and offers through agreements to refrain from trading and creating fictitious bids and offers at particular times
The Commission in its complaint says that from at least 2007, Citibank N.A. and its competitors (15 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 said its investigation found that Citibank N.A. and its competitors manipulated the price of bids and offers through agreements to refrain from trading and creating fictitious bids and offers at particular times
