Competition Commission taking banks to ConCourt to appeal rand manipulation ruling

[Jan]

Competition Commission taking banks to Constitutional Court over alleged rand manipulation

The Competition Commission has approached the Constitutional Court of South Africa for leave to appeal a ruling dismissing its case against several local and international banks for allegedly conspiring to manipulate the rand.

This is after the Competition Appeal Court (CAC) threw out the Commission’s case against 23 of 28 banks on 8 January 2024, saying that the anti-monopoly watchdog did not provide sufficient evidence to prove a “single overall conspiracy”.

 

[LCBXX]

I fear that the longer the process is dragged out, the lower the fines and severity of the consequences will become.

 

[ToxicBunny]

Ahhh this is gonna be glorious to watch.

Outcome is very likely one of 2 things, ConCourt denies right to the court since its not a Constitutional issue or ConCourt hears it and hamstrings the CompCom for being completely out of their depth and jurisdiction.

 

[KleinBoontjie]

This is after the Competition Appeal Court (CAC)

What cac is this?

 

[ProfA]

Scumbags lawyers getting richer funded by the tax payer.

 

[NarrowBandFtw]

its not a Constitutional issue

depends how it is argued, the constitution specifically states the primary objective of the SARB is protect the value of the currency (chapter 13, section 224)

it can be argued that SARB is failing that primary objective if it doesn't have sufficient controls in place to stop banks from manipulating the value of the currency

 

[ToxicBunny]

depends how it is argued, the constitution specifically states the primary objective of the SARB is protect the value of the currency (chapter 13, section 224)

it can be argued that SARB is failing that primary objective if it doesn't have sufficient controls in place to stop banks from manipulating the value of the currency

Have the CompCom put that argument forward yet?

They're appealing a current ruling based on current evidence/arguments...

 

[Ragnarök]

Some cadres looking for a handout , and it will just disappear

 

[rvZA]

Sour stinking dirty pu$$ies....