Cecil Kilpin | April 2017 Newsletter

By |2022-01-21T11:35:24+02:00March 29th, 2017|Business, Newsletter, Tax|

Update on the Twin Peaks Bill The Competition Commission recently referred three South African banks and several foreign-owned banks to the Competition Tribunal because of their alleged involvement in price-fixing.These banks are accused by the Competition Commission of manipulating the price of the Rand when selling and buying Dollars.  Price-fixing was conducted by creating fictitious orders to buy and sell South African Rand (ZAR), thereby changing the supply of currency.  There was also alleged collusion between banks to co-ordinate the times for selling currency, as well as the manipulation of prices by periodically suspending the sale of ZAR. Not only does this scandal put good corporate citizenship in the spotlight, but it also highlights the need for more effective regulation in the Financial Sector.  It [...]