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 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.
The conduct, which is the subject of investigation, was allegedly carried out via the exchange of competitively sensitive information on the electronic messaging platforms used for currency trading. It said this co-ordination had the effect of eliminating competition among the banks, as it enabled them to charge an agreed price for a specific amount of currency.
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