Standard Bank says it didn’t find any wrongdoing in price-fixing saga

Standard Banks CEO, Sim Tshabalala, has declared that the bank will not be setting aside any cash for a potential Competition Tribunal fine as its internal investigations had not revealed any wrongdoing, according to Business Day.

Tshabalala noted the bank currently employs over 55,000 employees, while only three had been implicated in the report.

In addition, Tshabalala believed that the bank had no grounds to suspend two of the traders and that a formal internal enquiry and dismissal proceedings would have to take place.

According to Tshabalala, the third employee implicated, Jason Katz, had already entered into a plea bargain with US authorities in December 2016, which was unrelated to the period of time he worked as a Standard Bank employee.

Katz had already left the bank in June 2010, he said.

In February 2017, three South African banks were implicated among 17 banking groups in ‘widespread’ collusion relating to the the price-fixing of the rand.

Following an almost two-year investigation into the matter, the Competition Commission confirmed it had officially referred a collusion case to the Competition Tribunal for prosecution.

It subsequently issued a statement noting that Barclays Africa (Absa) was unlikely to face penalties due to it coming forward as a whistle-blower against the other banks involved in the price-fixing.


Read: The best and worst banks in South Africa in 2017

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Standard Bank says it didn’t find any wrongdoing in price-fixing saga