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News 8 Jan 2024

Competition Appeal Court clears Standard Bank against allegations of currency manipulation

The Standard Bank of South Africa Limited welcomes the Competition Appeal Court’s decision to uphold its appeal by dismissing currency manipulation allegations against Standard Bank.

The ruling comes several years after the Competition Commission’s decision to charge several banks, including Standard Bank, over allegations of collusion to manipulate the foreign exchange rate.

The Competition Appeal Court handed down its judgment on 8 January 2024 which accepted the Bank’s incontrovertible evidence over a period of seven years that it had not been party to an international conspiracy to manipulate trading in the USD/ZAR currency pair and consequently held that the Competition Commission’s complaint in that regard is dismissed.

Standard Bank has always maintained that the Group is wholly committed to the rule of law, respects the important role of institutions, and upholds South Africa’s Constitutional democracy, and our Constitutional obligation to ensure that our country improves the quality of life of all citizens.

In its ruling, the Court concluded that the case against Standard Bank "does not get out of the legal starting blocks”.

Standard Bank remains committed to supporting the work of regulators, including the Competition Commission. Standard Bank reiterates its belief in and respect for South Africa’s institutions generally and its well-functioning and sound judicial system.