‘It seems clear to us on consideration of costs, you must allow the joinder,’ advocate Tembeka Ngcukaitobi, for the Competition Commission, says
The need to properly spend public funds calls for nine banks accused of manipulating the rand-dollar exchange rate, to be joined in a case against 23 other banks that have already been charged by the Competition Commission, the Competition Tribunal heard on Monday.
Advocate Tembeka Ngcukaitobi, for the commission, made these arguments in support of the case to join the nine other banks. “On costs, we say it is plain that if the commission does not join additional litigants, it needs to litigate separately against each of the respondents who oppose joinder. You must ask whether public funds used by the commission and tribunal will be spent properly by additional claims that will be launched. It seems clear to us on consideration of costs, you must allow the joinder,” Ngcukaitobi said.
The commission said that that enabled the banks to co-ordinate their trading activities when quoting customers who buy or sell currencies.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Competition Commission seeks to join nine more banks in forex trading caseThe need to properly spend public funds calls for nine banks accused of manipulating the rand-dollar exchange rate to be joined in a case against 23 other banks that have already been charged by the Competition Commission, the Competition Tribunal heard on Monday.
Read more »
Nine companies refuse to be joined in bank forex trading caseNo case has been made by the Competition Commission against either Nedbank Group Ltd or Nedbank Ltd in its complaint against various banks for allegedly colluding to fix prices and divide markets in respect of the rand–dollar exchange rate, said counsel for Nedbank Group Ltd and Nedbank Ltd.
Read more »
MARTIN KINGSTON: Mandatory vaccination: it’s not about coercion, it’s about responsibilitySome freedoms come with trade-offs and in this case the trade-off may have to be a ‘no jab, no access’ policy
Read more »
MARTIN KINGSTON: Mandatory vaccination: it’s not about coercion, it’s about responsibilitySome freedoms come with trade-offs and in this case the trade-off may have to be a ‘no jab, no access’ policy
Read more »
AYABONGA CAWE: Changes in global production and trade make a case for localisationCheap logistics in global supply chains may have been a cost advantage but is now under threat
Read more »
Positivity rate hits double figures as SA records 2,273 Covid-19 cases in 24 hoursOf the new Covid-19 cases Gauteng accounted for 1,909 of them.
Read more »