{"id":158345,"date":"2017-02-17T09:32:36","date_gmt":"2017-02-17T07:32:36","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=158345"},"modified":"2017-02-17T09:32:36","modified_gmt":"2017-02-17T07:32:36","slug":"absa-wont-face-penalties-for-price-fixing-report","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/158345\/absa-wont-face-penalties-for-price-fixing-report\/","title":{"rendered":"Absa won&#8217;t face penalties for price-fixing: report"},"content":{"rendered":"<p>Absa won\u2019t face punishment from\u00a0the Competition Commission as one of the three banks helping manipulate the value of the rand because they co-operated with regulators, according to a report by <strong><a href=\"http:\/\/www.fin24.com\/Companies\/Financial-Services\/absa-let-off-collusion-fine-as-it-helped-regulators-source-20170217\" target=\"_blank\">Fin24<\/a>.<\/strong><\/p>\n<p>The report notes that while Absa may not\u00a0receive full indemnity, their disclosures to the Competition Commission could save them from being penalised if the information they provided is proven correct.\u00a0The bank had reportedly been working with the commission from an early stage,\u00a0which greatly helped the commission in its findings according to the insiders.<\/p>\n<p>Standard Bank, Investec and Absa were\u00a0among 17 international banking groups accused of \u2018widespread\u2019 collusion relating to the the price-fixing of the rand. Following an almost two-year investigation into the matter, the Competition\u00a0Commission has\u00a0now referred a collusion case to the Competition Tribunal for prosecution.<\/p>\n<p>It has been alleged that currency traders have been buying and selling US dollars in exchange for the rand at fixed prices. This was accomplished by making false sales to drive up demand, or colluding to agree not to trade for specified periods of time.<\/p>\n<p>In the case of the three South African banks, the\u00a0Commission is seeking an order declaring payment of an administrative penalty equal to 10% of their annual turnover.<\/p>\n<hr \/>\n<p><strong>Read:\u00a0<a href=\"https:\/\/businesstech.co.za\/news\/banking\/157915\/sa-banks-face-massive-fines-over-price-fixing-and-collusion\/\" target=\"_blank\">3 South African banks face massive fines for price-fixing and collusion<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>ABSA won\u2019t face punishment from the Competition Commission as one of the three banks helping manipulate the value of the rand because they co-operated with regulators, according to a new report.<\/p>\n","protected":false},"author":10,"featured_media":29362,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[25],"class_list":["post-158345","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-active"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/158345","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=158345"}],"version-history":[{"count":7,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/158345\/revisions"}],"predecessor-version":[{"id":158369,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/158345\/revisions\/158369"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/29362"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=158345"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=158345"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=158345"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}